Katzoff v. BSP Agency, LLC

2025 NY Slip Op 30946(U)
CourtNew York Supreme Court, New York County
DecidedMarch 21, 2025
DocketIndex No. 655823/2020
StatusUnpublished

This text of 2025 NY Slip Op 30946(U) (Katzoff v. BSP Agency, LLC) is published on Counsel Stack Legal Research, covering New York Supreme Court, New York County primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Katzoff v. BSP Agency, LLC, 2025 NY Slip Op 30946(U) (N.Y. Super. Ct. 2025).

Opinion

Katzoff v BSP Agency, LLC 2025 NY Slip Op 30946(U) March 21, 2025 Supreme Court, New York County Docket Number: Index No. 655823/2020 Judge: Margaret A. Chan Cases posted with a "30000" identifier, i.e., 2013 NY Slip Op 30001(U), are republished from various New York State and local government sources, including the New York State Unified Court System's eCourts Service. This opinion is uncorrected and not selected for official publication. [FILED: NEW YORK COUNTY CLERK 03/24/2025 12:56 P~ INDEX NO. 655823/2020 NYSCEF DOC. NO. 276 RECEIVED NYSCEF: 03/24/2025

SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF NEW YORK: COMMERCIAL DIVISION PART 49M -----------------·--------------·---X

GERALD KATZOFF, GFB RESTAURANT CORP., INDEX NO. 655823/2020 Plaintiffs, MOTION DATE 09/30/2024 -v- MOTION SEQ. NO. MS 004 BSP AGENCY, LLC,PROVIDENCE DEBT FUND Ill L.P., BENEFIT STREET PARTNERS SMA LM L.P., BENEFIT STREET PARTNERS SMA-C L.P., PROVIDENCE DEBT DECISION+ ORDER ON FUND Ill MASTER (NON-US) FUND L.P., BENEFIT MOTION STREET PARTNERS SMA-C SPV L.P., BRIAN GALLIGAN, MILLENNIUM I.M. CONSULTING, LLC,MILLENNIUM I.M. HOLDINGS, LLC,THE BOG FAMILY PARTNERSHIP, GALLIGAN HOSPITALITY GROUP, INC.,MILLENNIUM HOSPITALITY GROUP, L.L.C., IM LLC-11, J.B. IM, LLC, and J.B. IM II, LLC

Defendants.

·------------------------- - - - - - X

HON. MARGARET A CHAN:

The following e-filed documents, listed by NYSCEF document number (Motion 004) 159, 160, 161, 162, 163, 164, 165, 166, 167, 168, 169, 170, 171, 172, 173, 174, 175, 176, 177, 178, 179, 180, 181, 182, 183, 184, 185, 186, 187, 188, 189, 190, 191, 192, 193, 194, 195, 196, 197, 198,199,200,201,202, 203,204,205,207,208,209,210,211,212,213,214,215,216,217,218,219,220,221,222,223, 224,225,226,227,228,229,230,231,232,233,234,235,236,237,238,239,240,241,242,243, 244,245,246,247,248,249,250,251,252,253,254,255,256,257,258,259,264 were read on this motion to/for LEAVE TO FILE

In this action, plaintiffs Gerald Katzoff and GFB Restaurant Corp. (GFB) allege that various defendants engaged in wrongful conduct designed to improperly seize ownership and control of the Il M ulino brand of restaurants. Plaintiffs originally brought claims against defendants BSP Agency LLC, Providence Debt Fund III LP, Benefit Street Partners SMA LM LP, Benefit Street Partners SMA-C LP, Providence Debt Fund III Master (Non-US) Fund LP, and Benefit Street Partners SMA-C SPV LP (collectively BSP Indemnitors). Plaintiffs later amended their complaint to add claims against defendants Brian Galligan, Millennium IM Consulting LLC, Millennium IM Holdings LLC, The BDG Family Partnership, Galligan Hospitality Group Inc., and Millennium Hospitality Group LLC (collectively, the Galligan defendants, and together with the BSP Indemnitors, the defendants).

655823/2020 KATZOFF, GERALD vs. BSP AGENCY, LLC Page1 of17 Motion No. 004

1 of 17 [* 1] [FILED: NEW YORK COUNTY CLERK 03/24/2025 12:56 P~ INDEX NO. 655823/2020 NYSCEF DOC. NO. 276 RECEIVED NYSCEF: 03/24/2025

Plaintiffs now again move to amend their complaint to add seven new causes of action, six new theories of liability for several existing causes of action, and three new defendants-BDG Two Family Limited Partnership (BDG Two), Benefit Street Partners LLC (BSP LLC), and Electronic Processing Services LLC (EPS). Defendants oppose the motion to amend on the grounds that the proposed amendment clearly lack merit and will cause prejudice. For the reasons below, the motion is granted in part and denied in part.

Background

Plaintiffs originally filed this case October 29, 2020 (NYSCEF # 1). Plaintiffs moved to amend for the first time almost two years later, adding Galligan and several allegations related to him (NYSCEF # 84). That motion was granted on October 27, 2023 (NYSCEF # 120). Plaintiffs now move to amend for a second time, bringing the above new claims and theories of liability and adding three new defendants. (NYSCEF # 258).

Plaintiffs' new allegations and claims can be split into three categories: the Galligan Loan Transaction Claims, the Compeat Access Claims, and Miscellaneous Claims. In total, plaintiffs bring two new theories under Counts 2 and 5, and new causes of action at Counts 6 through 13.

Galligan Loan Transaction Claims

The Galligan Loan Transaction Claims allege that beginning in at least June 2017 and through January 28, 2020, Galligan-who controlled GFB's accounting books and records-engaged in a complicated scheme that both lined his own coffers and saddled GFB with unnecessary and arguably fake debt that hastened its bankruptcy (NYSCEF # 164, Redlined Proposed Second Amended Complaint, ,i,i 136, 142, 143).

The scheme had roughly four steps. At step one, Galligan's alter ego, defendant BDG Family, would first send GFB a "loan," usually of around $25,000 or so (id. ,i,i 141, 160-165). At step two, Galligan would cause GFB to immediately transfer an equal amount to one or more of the restaurants serving as collateral to BSP's loans (BSP IM Restaurants) (id. ,i,i 137, 141, 158, 160-162, 164-165).

At step three, Galligan would cause GFB to "repay" the loan in one of two ways: either (i) by causing GFB to pay amounts directly into Galligan's personal bank account, or (ii) by causing GFB's credit card receivables processor, defendant EPS, to directly transfer a portion of those receivables directly to BDG Family without ever passing through GFB (id. ,i,i 138, 141, 160-166). Plaintiffs also allege that many of the EPS payments "are not reflected in GFB's bank statements because Galligan siphoned millions of dollars from GFB's credit card receivables" directly rather than letting them hit the bank first (NYSCEF # 205, Pltfs' Br, at 10). 655823/2020 KATZOFF, GERALD vs. BSP AGENCY, LLC Page 2 of 17 Motion No. 004

[* 2] 2 of 17 [FILED: NEW YORK COUNTY CLERK 03/24/2025 12:56 P~ INDEX NO. 655823/2020 NYSCEF DOC. NO. 276 RECEIVED NYSCEF: 03/24/2025

Plaintiffs also allege that Galligan added certain fees and interest to GFB's repayments that resulted in actual interest rates in excess of the criminal usury rate (NYSCEF # 164 ,r,r 156-165 ["Galligan Loans with Usurious 'Fees"' section]).

Finally, at step four, Galligan would cause the BSP IM Restaurants transfer money back to GFB-not as repayment of GFB's transfer of the loan amount, but as a brand new "debt" that GFB now owed to the BSP IM Restaurants (id ,r,r 139-141, 150). Plaintiffs allege that BSP forced plaintiffs to consolidate these allegedly fake debts into the GFB Note (id ,r,r 148-152).

Plaintiffs allege that all the Galligan Loan Transactions were recorded in the so-called "Galligan Loan Ledger," a specific ledger on Compeat Restaurant Management Software (Compeat), the accounting software used by the parties (id. ir,r 144-145). Plaintiffs allege that these transactions were given false labels like "Loan from BG" and "Fee on BG advance" and other similar phrases in the Galligan Loan Ledger so as to hide the fact that Galligan actually "embezzled millions of dollars from GFB" (id. ,r,r 144-145, 157, 160-165).

Plaintiffs allege that they did not discover the Galligan Loan Ledger or the Galligan Loans until responding to Galligan's discovery requests in this action (NYSCEF # 161, Katzoff Aff ,r 29). Plaintiffs argue that they could not have discovered Galligan's alleged duplicity any earlier because Galligan previously controlled their books and records (NYSCEF # 257, Pltfs Reply at 4·5). Plaintiffs claim that they "reasonably relied on the misrepresentations in the Galligan Loan Ledger and EPS's spreadsheets for its accounting books and records, tax filings, and issuance of Form 1099s and other tax documents" (NYSCEF # 164 ,r 311).

EPS allegedly assisted Galligan in these acts by disregarding its regular procedures.

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Bluebook (online)
2025 NY Slip Op 30946(U), Counsel Stack Legal Research, https://law.counselstack.com/opinion/katzoff-v-bsp-agency-llc-nysupctnewyork-2025.