JPMorgan Chase Bank, N.A. v. Winget

CourtDistrict Court, E.D. Michigan
DecidedFebruary 14, 2025
Docket2:08-cv-13845
StatusUnknown

This text of JPMorgan Chase Bank, N.A. v. Winget (JPMorgan Chase Bank, N.A. v. Winget) is published on Counsel Stack Legal Research, covering District Court, E.D. Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
JPMorgan Chase Bank, N.A. v. Winget, (E.D. Mich. 2025).

Opinion

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION ALTER DOMUS, LLC,

Plaintiff/Counter-Defendant, Case Number 08-13845 v. Honorable David M. Lawson

LARRY J. WINGET and the LARRY J. WINGET LIVING TRUST,

Defendants/Counter-Plaintiffs. ________________________________________/

OPINION AND ORDER GRANTING IN PART PLAINTIFF’S SECOND MOTION TO HOLD DEFENDANT LARRY J. WINGET IN CIVIL CONTEMPT OF COURT Under circumstances involving the plaintiff’s ever continuing effort to collect a substantial money judgment against the Larry J. Winget Living Trust, the Court imposed a constructive trust upon assets that had belonged to the Trust and were distributed to defendant Larry Winget. The constructive trust was imposed as a remedy for the plaintiff’s successful claim of unjust enrichment against Winget, and among the remedies for that violation, the Court ordered “that a constructive trust is imposed on the following assets in the possession or control of defendant Larry J. Winget: . . . a $135 million demand promissory note issued by JVIS on June 29, 2017 to the Larry J. Winget 2015 Retained Annuity Trust that was assigned to Winget; . . . [and] a $15 million demand promissory note issued by JVIS on June 29, 2017 to Winget.” ECF No. 986, PageID.31897. In addition, the court ordered Larry Winget to “assign the [two] promissory notes [to the plaintiff]”; and to “pay [the plaintiff] the amounts paid on the promissory notes.” Ibid. Before the Court is a motion by plaintiff Alter Domus, the agent charged with collecting the judgment, to hold Larry Winget in contempt of the Court’s order because, it contends, JVIS has made two payments on the notes to Winget, one for $2.5 million and another for $20 million, which Winget was ordered to pay over to the plaintiff. The Court held a hearing on the motion and now concludes that Winget is in contempt of the Court’s order for failing to pay over the $2.5 million note payment to the plaintiff. However, the plaintiff has not offered sufficient evidence to show that Winget received the $20 million payment. The Court will grant in part and deny in part the plaintiff’s motion and provide remedial relief as set forth below. I.

The parties and Court are familiar with the facts giving rise to this long-running financial dispute between plaintiff Alter Domus (the Agent), Larry J. Winget, and the Winget Trust. For more details, read JPMorgan Chase Bank, N.A. v. Winget, No. 08-13845, 2021 WL 37479 (E.D. Mich. Jan. 5, 2021), aff’d in part, rev’d in part, No. 21-1568, 2022 WL 2389287 (6th Cir. July 1, 2022). The present dispute concerns the plaintiff’s recovery of two promissory notes as part of its efforts to satisfy its substantial judgment against the Winget Trust that has now swelled to nearly a billion dollars. In 2014, nearly six years after the Agent sued Winget and the Trust on their guarantee of a debt, Winget revoked the Trust and removed all trust assets. Winget did not disclose

the revocation for more than a year. During this time, the Court entered an amended final judgment establishing that the Trust owed the Agent nearly half-a-billion dollars, and the parties actively were litigating whether the Agent could attach the trust assets — which, unbeknownst to the Agent, had been moved from the Trust — to satisfy that debt. Winget revealed the revocation when he sought a declaratory judgment that would establish that, with the revocation, the Agent had no further recourse against him or the assets that were once held in the Trust. The Agent counter-claimed, arguing that the revocation was a fraudulent transfer under the Michigan Uniform Fraudulent Transfer Act (MUFTA). The Court agreed with the Agent and granted its motion for judgment on the pleadings. Winget did not appeal that ruling. Rather, he rescinded his revocation as of February 26, 2018, retitling to the Trust all assets that it held at the time of the revocation, which did not include the promissory notes. After Winget reinstated and re-funded the Trust, the Agent requested entry of Charging Orders directed to membership interests in certain limited liability companies (LLCs) held by the Trust. The Court issued the requested Charging Orders on August 15, 2018, and the Sixth Circuit

affirmed entry of the Charging Orders. JPMorgan Chase Bank, N.A. v. Winget, 942 F.3d 748, 750 (6th Cir. 2019). During the interregnum, however, one of the companies formerly owned by the Trust, JVIS-USA, LLC, distributed millions of dollars in cash and promissory notes to Winget. Two of the notes were issued by JVIS on June 29, 2017, one to a new grantor retained annuity trust (the “GRAT”) for $135 million, and one to Winget personally for $15 million. Ibid. The notes called for the principal balance to be paid upon demand by the obligee, but no later than July 1, 2020. When Winget reinstated the Trust, he did not retitle the promissory notes to the Trust, but rather assigned the $135 million note to himself. However, he did retitle the LLC’s membership interests

to make the Trust, again, the sole member of JVIS. The Agent sued Winget for unjust enrichment and sought a constructive trust over all of the distributions made during the period after Winget revoked the Trust but before he rescinded the revocation, that is, between January 1, 2014 and February 26, 2018. The Court granted the Agent summary judgment and ordered the imposition of a constructive trust over the distributions, including the $150 million in promissory notes. It also ordered that Winget immediately assign the promissory notes to the Agent and pay to the Agent “the amounts paid on the promissory notes, including [a] $22.5 million payment” that JVIS had paid on the notes. JPMorgan Chase Bank, N.A. v. Winget, No. 08-13845, 2021 WL 37479, at *11 (E.D. Mich. Jan. 5, 2021). On June 1, 2021, the Court entered a final judgment on the fraudulent-transfer claim and the unjust- enrichment claim. See JPMorgan Chase Bank, N.A. v. Winget, No. 21-1568, 2022 WL 2389287, at *2 (6th Cir. July 1, 2022); ECF No. 1017, Alter Domus v. Winget, No. 08-13845 (E.D. Mich. Jun. 1, 2021) (judgment). Winget placed the cash and promissory notes into escrow while he appealed the rulings.

The Sixth Circuit affirmed in part. Winget, 2022 WL 2389287, at *11. It agreed that Winget’s revocation of the Trust constituted a fraudulent transfer intended to put the Trust’s assets beyond the reach of the Agent, and that Winget was unjustly enriched by the LLC distributions he received during the revocation period, including the promissory notes issued by JVIS. Id. at *5-9. The Court found that, but for the fraudulent revocation, the Trust — not Winget — would have been the member of JVIS, and thus the Trust would have loaned JVIS cash and received the promissory notes in return. Id. at *7. The court concluded that the notes belonged to the Trust and that the Agent therefore was entitled to them. Ibid. However, the court reversed a portion of the ruling as to $79 million in cash distributions that Winget contended were used to pay the LLC’s

tax obligations. Id. at *8-9. After the court of appeals issued its ruling, the Agent obtained the promissory notes and the $22.5 million from escrow, only to discover that Winget and JVIS had amended the terms of the notes on June 30, 2020. Those amendments are the subject of another lawsuit, in which the Agent has asserted claims against Winget and the Agent for payment on the notes, which now are in default, as well as claims under Michigan’s Uniform Voidable Transfer Act (MUVTA) and for unjust enrichment. See Alter Domus v. JVIS-USA, LLC, No. 23-10458 (E.D. Mich.).

Free access — add to your briefcase to read the full text and ask questions with AI

Related

United States v. United Mine Workers of America
330 U.S. 258 (Supreme Court, 1947)
McComb v. Jacksonville Paper Co.
336 U.S. 187 (Supreme Court, 1949)
Shillitani v. United States
384 U.S. 364 (Supreme Court, 1966)
United States v. Rylander
460 U.S. 752 (Supreme Court, 1983)
United States v. Work Wear Corporation
602 F.2d 110 (Sixth Circuit, 1979)
Nartron Corporation v. Stmicroelectronics, Inc.
305 F.3d 397 (Sixth Circuit, 2002)
Ford Motor Company v. Peter Catalanotte
342 F.3d 543 (Sixth Circuit, 2003)
United States v. Silvio Spallone
399 F.3d 415 (Second Circuit, 2005)
Sylvan Beach, Inc. v. Koch
140 F.2d 852 (Eighth Circuit, 1944)
In Re Mayer
451 B.R. 702 (E.D. Michigan, 2011)
Michael Abrams v. Nucor Steel Marion
694 F. App'x 974 (Sixth Circuit, 2017)
JPMorgan Chase Bank, N.A. v. Larry Winget
942 F.3d 748 (Sixth Circuit, 2019)

Cite This Page — Counsel Stack

Bluebook (online)
JPMorgan Chase Bank, N.A. v. Winget, Counsel Stack Legal Research, https://law.counselstack.com/opinion/jpmorgan-chase-bank-na-v-winget-mied-2025.