Li David Yi, V. The Xcj Llc

CourtCourt of Appeals of Washington
DecidedMarch 31, 2025
Docket86512-9
StatusUnpublished

This text of Li David Yi, V. The Xcj Llc (Li David Yi, V. The Xcj Llc) is published on Counsel Stack Legal Research, covering Court of Appeals of Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Li David Yi, V. The Xcj Llc, (Wash. Ct. App. 2025).

Opinion

IN THE COURT OF APPEALS OF THE STATE OF WASHINGTON

LI “DAVID” YI, derivatively in his capacity as a member of WU LIAO, No. 86512-9-I LLC, DIVISION ONE Appellant, UNPUBLISHED OPINION v.

WU LIAO, LLC, XCJ FT LLC, THE XCJ CORP., CALEB WANG, JENNIFER LIAO,

Respondents,

THE XCJ LLC, XIAO CHI JIE CORP., IMAGINARY VENTURE CAPITAL MANAGEMENT, LP, and JOHN DOES 1 through 10,

Defendants.

HAZELRIGG, A.C.J. — Li “David” Yi appeals from orders that granted

dismissal of his derivative member claims for impermissible self-dealing against

Wu Liao LLC, related corporate entities, and individual defendants, and denied his

motion for reconsideration. Because Yi failed to establish standing for his

derivative claims, the trial court did not err in its order of dismissal and we affirm.

FACTS

In 2017, Caleb Wang and Jennifer Liao planned to open a “fast-casual”

restaurant in Bellevue called “XCJ,” which would serve pan-fried dumplings. No. 86512-9-I/2

Wang, Liao, and Norman Wu, formed Wu Liao LLC to “license certain intellectual

property and run a single location of a larger franchise restaurant.” David Yi was

a friend of Liao’s who was offered an opportunity to invest in the business. Yi made

two investments in Wu Liao totaling $70,000.

Several sections of the Wu Liao operating agreement are relevant to this

litigation. As an initial matter, it established Yi as a “Class A” member of the limited

liability company (LLC) and Wang and Liao as managers. Section A.1 establishes

the purpose of Wu Liao which, again, is to “license certain intellectual property and

run a single location of a larger franchise restaurant.” Class A members have

limited voting rights pursuant to sections B.4.6 and B.4.6.10 “to approve the

following matters: . . . Sell, lease, exchange, or otherwise dispose of all, or

substantially all, of the limited liability company’s property, other than in the

ordinary course of the limited liability company’s activities or activities of the kind

carried on by the limited liability company.” Section B.5.4 provides that the

managers “have all necessary power to manage and carry out the Company’s

purposes, business, property, and affairs,” but this authority is limited by section

B.4.5 which requires these actions have prior approval of all Class A and Class B

members.

The business was successful when it opened in 2018, but it was later

impacted by the COVID-19 1 pandemic. Yi later asserted in his complaint that he

approved of the efforts undertaken in April 2020 to reorient the Wu Liao business

model towards online orders and a “direct to consumer” (DTC) model. In March

1 2019 novel coronavirus infections disease.

-2- No. 86512-9-I/3

2021, Wang, on behalf of the “XCJ Team,” e-mailed investors to tell them the DTC

model was compensating for the decline of in-store customers. In December 2021,

Wang sent another e-mail to investors to inform them that Wu Liao was planning

to undergo “some overdue entity clean up work to properly separate this

restaurant, other restaurants, and online into their respective spots.”

The restructuring transaction was described in a joint action statement sent

to all of Wu Liao’s managers and members in January 2022 that outlined the plan

to create two new LLCs: The XCJ LLC and XCJ FT. The XCJ LLC was designated

as the operating company and XCJ FT as the holding company. As part of the

transaction, Wu Liao contributed a variety of assets to The XCJ LLC in exchange

for full interest in the company, recipes, the XCJ domain name and trademark,

kitchen equipment, and the lease agreement for the restaurant’s physical location.

Wu Liao’s full interest in The XCJ LLC was then transferred to the holding

company, XCJ FT, in exchange for full interest in XCJ FT. Thus, Wu Liao’s interest

in the operating company, The XCJ LLC, existed via the holding company, XCJ

FT. The portion of the business that had been designated as the DTC endeavor

was going to be spun off and operated separately by a group that mostly consisted

of the Wu Liao managers who had initiated the restructuring: Wang, Liao, and Wu.

This restructuring occurred by way of a joint action, purportedly with the

written consent of all the managers and members except for Yi. Once Yi made his

opposition known, the parties engaged in settlement discussions that were

ultimately fruitless. Yi claimed to have communicated his concerns to Wang and

Liao, through counsel, “for over a year . . . includ[ing] multiple emails, letters, phone

-3- No. 86512-9-I/4

calls, and videoconferences” between counsel for each party. Yi also asserted

that he contacted Imaginary Venture Capital Management regarding his concerns.

Imaginary Venture was an investor alleged to have become involved around the

time of the restructuring transaction, but Yi averred in his complaint that it declined

to act because “it agreed with [d]efendants’ position that the transfer was proper.”

Before filing the current case in King County Superior Court, Yi briefly

pursued the matter in federal court and presented substantially similar causes of

action to those he ultimately filed in state court. A key distinction, however, was

that Yi expressly alleged in his June 2023 federal complaint that any demand for

the company to initiate a lawsuit ought to be excused as futile because the

managers who would review the demand claim were on both sides of the

transaction, were not disinterested, and thus, could not provide an unbiased and

fair answer to his demand. In support of his assertion of demand futility, Yi

contended that his attempts to have his concerns addressed informally were

unsuccessful. Yi specifically alleged that nothing could be gained from demanding

Wang and Liao pursue litigation because they were who Yi had accused of

impropriety. Ultimately, Yi moved to voluntarily dismiss the federal complaint on

August 8, 2023, before Wu Liao filed its answer. 2

On August 28, 2023, Yi served counsel for Wu Liao with a demand letter

via e-mail. These communications made a demand upon Wu Liao’s managers,

Wang, Liao, and Wu, “to pursue claims” against Wang, Liao, their associated

2 Wu Liao had appeared in the federal case by August 2023, however, and moved to stay

discovery pending motions to dismiss. Yi filed a response to the motion to stay, but then filed his notice of voluntary dismissal four days later.

-4- No. 86512-9-I/5

business entities, and investors “for their wrongdoing arising from the improper

transfer of the Company’s direct-to-consumer (‘DTC’) business to the XCJ

entities.” Yi’s demand further stated that Wang and Liao were already familiar with

the “substance of the relief Mr. Yi [was] demanding” and provided less than a

month to evaluate Yi’s demand before he would file a derivative action, taking their

silence as an implicit refusal. Wu Liao formed a special litigation committee to

investigate Yi’s claims and consulted with outside counsel to review his demand.

“Based on the results of the Committee’s investigation,” Wu Liao declined Yi’s

demand. The committee’s decision was communicated to Yi’s counsel by e-mail

on September 29.

Yi filed the complaint in the instant case on October 3 and attached as

exhibits copies of the operating agreement, joint action, demand, and the

committee’s rejection of his demand.

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