Lucky Capital Management, LLC v. Miller & Martin, PLLC

CourtCourt of Appeals for the Eleventh Circuit
DecidedJuly 3, 2018
Docket16-16161
StatusUnpublished

This text of Lucky Capital Management, LLC v. Miller & Martin, PLLC (Lucky Capital Management, LLC v. Miller & Martin, PLLC) is published on Counsel Stack Legal Research, covering Court of Appeals for the Eleventh Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Lucky Capital Management, LLC v. Miller & Martin, PLLC, (11th Cir. 2018).

Opinion

Case: 16-16161 Date Filed: 07/03/2018 Page: 1 of 24

[DO NOT PUBLISH]

IN THE UNITED STATES COURT OF APPEALS

FOR THE ELEVENTH CIRCUIT ________________________

No. 16-16161 ________________________

D.C. Docket No. 1:14-cv-00193-MHC

LUCKY CAPITAL MANAGEMENT, LLC,

Plaintiff - Appellant,

versus MILLER & MARTIN, PLLC,

Defendant - Appellee.

________________________

Appeal from the United States District Court for the Northern District of Georgia ________________________

(July 3, 2018) Case: 16-16161 Date Filed: 07/03/2018 Page: 2 of 24

Before TJOFLAT and JORDAN, Circuit Judges, and HUCK, ∗ District Judge.

HUCK, District Judge:

Plaintiff-Appellant Lucky Capital Management, LLC (“Lucky”), was a

member and investor in nValeo, LLC (“nValeo”). In early 2014, Lucky brought

suit against nValeo’s counsel, Miller & Martin, PLLC (“Miller & Martin”),

asserting six causes of action. Lucky’s claims against Miller & Martin included a

legal malpractice claim Lucky obtained from nValeo by assignment in 2012

(Count One), tort claims for aiding and abetting or procuring a breach of fiduciary

duty (Counts Two and Three), a fraudulent concealment claim (Count Four), a

civil conspiracy claim (Count Five), and a claim for statutory damages pursuant to

O.C.G.A. § 13-6-11 (Count Six).1

The district court dismissed Lucky’s legal malpractice claim, holding it

“ar[o]se out of an alleged fraud perpetrated on the assignor” and therefore was not

assignable under O.C.G.A. § 44-12-24. The district court also dismissed Lucky’s

fraudulent concealment and civil conspiracy claims for failing to state a claim. The

tort claims for aiding and abetting or procuring a breach of fiduciary duty survived

Miller & Martin’s motion to dismiss, and discovery proceeded accordingly. At the

∗ Honorable Paul C. Huck, United States District Judge for the Southern District of Florida, sitting by designation. 1 Lucky’s First Amended Complaint mistakenly included two “Count Five[s].” For clarity, the Court refers to the claim for statutory damages as “Count Six.”

2 Case: 16-16161 Date Filed: 07/03/2018 Page: 3 of 24

close of discovery, Miller & Martin moved for summary judgment as to those

claims, which the district court granted. Lucky appeals.

I. FACTS AND PROCEDURAL BACKGROUND

In April 2010, nValeo engaged Miller & Martin to perform legal services.

Miller & Martin did not act as general counsel to nValeo, and it billed nValeo for

its legal services on an hourly basis. Jeffrey Ritchie was the managing member of

nValeo. W. Scott McGinness, Jr. and R. Tyler Hand were among the Miller &

Martin attorneys who worked on nValeo matters.

In May 2010, principals of what was to become Lucky began negotiations

with nValeo for Lucky to purchase a membership interest in nValeo. Lucky

conducted these negotiations through its counsel and nValeo did the same through

Miller & Martin. The parties reached an agreement, which culminated in nValeo

and Lucky entering into a Membership Interest Purchase Agreement (the “MIPA”)

on June 7, 2010. Pursuant to the MIPA, Lucky paid $500,000 for a 2%

membership interest in nValeo.

On July 26, 2010, Lucky and nValeo entered into an Amended and Restated

Membership Interest Purchase Agreement (the “AMIPA”). Under the AMIPA,

Lucky acquired an additional 9% membership interest in nValeo by making four

$500,000 investments in the company. In addition, the AMIPA imposed limits on

compensation of nValeo’s officers and prohibited the payout of officers’ bonuses.

3 Case: 16-16161 Date Filed: 07/03/2018 Page: 4 of 24

The AMIPA did not contain any prohibition on nValeo making loans to its

officers.

The MIPA and AMIPA contained identical provisions disclosing the lack of

a financial track record for nValeo and the “substantial investment risks” in

purchasing the membership interests. Despite this, Lucky did not inspect nValeo’s

books before investing.

Between July and December 2010, Lucky invested a total of $2 million in

nValeo. The parties acknowledge that almost immediately after Lucky’s funds

were deposited in nValeo’s bank account Ritchie began withdrawing those funds

for his own personal use.

On September 6, 2010, nValeo’s Chief Operations Officer, Buddy Poole,

sent an email to Hand, copying McGinness, stating:

Tyler I need to get the paperwork to record Jeff [Ritchie] taking out loans from the company which he has needed to do from time to time to get moved to Austin, Tx. Please give me a call on Tuesday so we can discuss the details. Thanks.

On September 28, 2010, Hand sent Poole a Revolving Line of Credit

Promissory Note (the “Promissory Note”) for Ritchie’s signature. The Promissory

Note purported to allow nValeo to loan Ritchie up to $2 million.

In March 2011, Chad Smith, one of Lucky’s principals, reviewed the

financial records of nValeo for the first time. He saw Ritchie’s withdrawals, which

4 Case: 16-16161 Date Filed: 07/03/2018 Page: 5 of 24

Poole had recorded. Smith confronted Ritchie about the withdrawals, and Ritchie

admitted that he took over $800,000 and used at least part of the money for

personal use. nValeo never brought a product to market and went out of business.

When the company failed, Lucky lost its investment. Lucky sued nValeo for its

damages and, as part of the settlement of that litigation, nValeo assigned to Lucky

any legal malpractice claim it might have against Miller & Martin. The underlying

litigation followed.

Lucky filed its original complaint on January 22, 2014. After Miller &

Martin filed a motion to dismiss, Lucky filed its First Amended Complaint

(“FAC”) on April 4, 2014. The FAC alleged six causes of action against Miller &

Martin: (a) Legal Malpractice (Count One); (b) Aiding and Abetting a Breach of

Fiduciary Duty (Count Two); (c) Procuring a Breach of Fiduciary Duty (Count

Three); (d) Fraudulent Concealment (Count Four); (e) Civil Conspiracy (Count

Five); and (f) Statutory Damages under O.C.G.A. § 13-6-11 for bad faith (mis-

labeled Count Five).

Miller & Martin moved to dismiss the FAC (the “Motion to Dismiss”), and

on February 10, 2015, the district court granted the Motion to Dismiss in part and

denied it in part. Specifically, the district court dismissed Lucky’s (a) Legal

Malpractice claim; (b) Fraudulent Concealment claim; (c) Civil Conspiracy claim;

and (d) bad faith litigation claim under O.C.G.A. § 13-6-11. The district court

5 Case: 16-16161 Date Filed: 07/03/2018 Page: 6 of 24

declined to dismiss Lucky’s claim for aiding and abetting a breach of fiduciary

duty, and it ruled that the claim for procuring a breach of fiduciary duty was

indistinct from and, therefore, subsumed in the aiding and abetting claim.

Following discovery, Miller & Martin filed its Motion for Summary

Judgment regarding Lucky’s remaining aiding and abetting a breach of fiduciary

duty claim. After the motion was fully briefed, the district court granted summary

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