Lunsford v. Viaone Servs., LLC, 2020 Ncbc 78a

CourtNorth Carolina Business Court
DecidedOctober 28, 2020
Docket19-CVS-3973
StatusPublished

This text of Lunsford v. Viaone Servs., LLC, 2020 Ncbc 78a (Lunsford v. Viaone Servs., LLC, 2020 Ncbc 78a) is published on Counsel Stack Legal Research, covering North Carolina Business Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Lunsford v. Viaone Servs., LLC, 2020 Ncbc 78a, (N.C. Super. Ct. 2020).

Opinion

Lunsford v. ViaOne Servs., LLC, 2020 NCBC 78A.

STATE OF NORTH CAROLINA IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION BUNCOMBE COUNTY 19 CVS 3973

J. BROOK LUNSFORD and LUNSFORD GROUP, INC. f/k/a JBL COMMUNICATIONS, INC.,

Plaintiffs and Counterclaim Defendants,

v.

VIAONE SERVICES, LLC; and DAVID DORWART,

Defendants,

and AMENDED ORDER AND OPINION JBL COMMUNICATIONS, LLC, ON DEFENDANTS’ MOTION TO DISMISS Defendant and Counterclaim Plaintiff,

CAMERON GUNTER; CLIFFORD CHURCHILL; FIBER OPTIC SOLUTIONS LLC; PIMLICO, INC; OSPREY COMMUNICATIONS, LLC; CVO ENTERPRISES INC; and RUSSELL BROWN,

Counterclaim Defendants.

1. This action arises from the sale of a telecommunications construction

company. The sellers are the plaintiffs here and have asserted claims against the

buyer and two others for fraud and breach of several contracts related to the sale. In response, the defendants have moved to dismiss all claims. (ECF No. 58.) For the

following reasons, the Court GRANTS the motion in part and DENIES it in part.

Pearce Law PLLC, by Bradley E. Pearce, for Plaintiffs/Counterclaim Defendants J. Brook Lunsford and Lunsford Group, Inc.

Parker Poe Adams & Bernstein LLP, by Michael G. Adams, Jami J. Farris, and Morgan H. Rogers, for Defendants ViaOne Services, LLC and David Dorwart, and for Defendant/Counterclaim Plaintiff JBL Communications, LLC.

Law Offices of Jamie A. Stokes, PLLC, by Jamie A. Stokes, for Counterclaim Defendants Cameron Gunter, Clifford Churchill, Fiber Optic Solutions LLC, Pimlico, Inc., CVO Enterprises Inc., and Russell Brown.

O’Hagan Meyer, PLLC, by Wood W. Lay and Aretina K. Samuel- Priestley, for Counterclaim Defendant Osprey Communications, LLC.

Conrad, Judge.

I. FACTUAL BACKGROUND

2. The following background is drawn from the allegations of the second

amended complaint and the documents attached to or incorporated within it. (See 2d

Am. Compl., ECF No. 52 [“Compl.”].)

3. JBL Communications, Inc. was a pay-to-build contractor that built and

maintained telecommunications systems and networks in and around North

Carolina. (See Compl. ¶ 18.) The company now goes by the name Lunsford Group,

Inc. but has been dubbed Old JBL by the parties. The “Old” in Old JBL alludes to

the central event in this case—the July 2018 sale of Old JBL’s assets to JBL

Communications, LLC, or New JBL as the parties call it. (See Compl. ¶¶ 15, 19.) 4. The complaint gives few details about how the sale came together or who the

key players were. It seems that New JBL was truly new—a Delaware company

created for the purpose of buying Old JBL’s assets. (See Compl. ¶¶ 6, 22.) New JBL’s

majority member is ViaOne Fiber and Engineering, LLC (not to be confused with

ViaOne Services, LLC, one of the defendants here), but the complaint questions the

existence of that entity and does not mention any negotiations between it and Old

JBL. (See Compl. ¶¶ 172, 175.) The only thing resembling presale discussions is an

alleged conversation between Brook Lunsford (Old JBL’s sole shareholder) and David

Dorwart (the chairman and CEO of Texas-based ViaOne Services). (See Compl. ¶¶ 4,

21, 44.) Dorwart supposedly told Lunsford that New JBL would continue Old JBL’s

business with new capital investment. (See Compl. ¶ 21.) The date of that

conversation is not stated, though.

5. In any event, the centerpiece of the sale was an asset purchase agreement,

(ECF No. 52.1 [“APA”]). That agreement conveyed to New JBL “all of the tangible

and intangible assets and properties of” Old JBL. (APA § 2.1(a).) It also gave New

JBL the right to use Old JBL’s general contractor’s license for a short time. (See

Compl. ¶ 23; APA § 2.1(a)(iv).) In return, Old JBL and Lunsford received cash and

other consideration, including minority membership in New JBL. 1 (See APA § 3.2;

APA p.6 (“Rollover Equity”); Compl. ¶¶ 24, 174, 190.) Lunsford stayed on as a

1 There is some confusion about whether Old JBL or Lunsford owns the membership

interest. (Compare Compl. ¶ 174, with Compl. ¶¶ 186, 190.) consultant to New JBL, an arrangement governed by a separate consulting

agreement, (ECF No. 52.3 [“Consulting Agrmt.”]).

6. New JBL financed part of the purchase through a promissory note, (ECF No.

52.2 [“Note”]). The note is “subordinate and junior” to “Senior Debt”—a bank loan—

owed by New JBL. (Note § 13.) Old JBL agreed to defer all principal and interest

payments on the note until after New JBL repays the bank. (Note § 1.) The note also

gives New JBL the right to “set-off and reduce” the principal amount for various

reasons, including some permitted by the asset purchase agreement. (Note § 5.)

7. One potential basis for a set-off would be a reduction of the purchase price

after closing. The purchase price includes a lump sum of $6.7 million to be adjusted

up or down at closing based on Old JBL’s estimate of its working capital. (See APA

§§ 3.2(a), 3.3(a); see also Compl. ¶ 24.) That sum is supposed to be adjusted again

after closing based on a second calculation of working capital, this time prepared by

New JBL and presumably to correct errors in the preclosing estimate. (See APA

§ 3.3(b), (c).) The asset purchase agreement gives New JBL 90 days from closing to

deliver its calculation, followed by a period for Old JBL to lodge objections and for the

two sides to resolve any disputes through binding arbitration. (See APA § 3.3(b);

Compl. ¶¶ 133, 135.) The final figure determines whether New JBL paid too much

or too little at closing. (See APA § 3.3(c).) If too much, then New JBL could set off

whatever Old JBL owed against the amount of the promissory note after giving

written notice. (Note § 5; see also APA §§ 3.4, 9.7.) 8. Despite getting several extensions of the initial 90-day period, New JBL

never delivered its calculation of working capital. (See Compl. ¶¶ 134, 136, 139.)

Even so, nearly a year after the sale, New JBL reported in a financial statement that

it had reduced the note’s principal balance by over $700,000. (See Compl. ¶¶ 109,

121.) Old JBL did not receive written notice of that set-off. (See Compl. ¶¶ 136, 139.)

And the reason New JBL gave for the set-off was poor financial performance—

nothing to do with the working capital tally. (See Compl. ¶ 122.)

9. Old JBL and Lunsford say the set-off was improper. They also say it was an

accounting trick. Soon after acquiring Old JBL’s assets, New JBL went on a spending

spree. It hired new employees, bought more equipment, and entered new markets.

(See Compl. ¶¶ 31, 34.) Overstretched, New JBL became insolvent by the end of 2018.

(See Compl. ¶¶ 118, 156.) Reducing the principal amount of the promissory note gave

the false appearance of solvency. (See Compl. ¶¶ 127, 128.)

10. Indeed, New JBL revealed some of its financial difficulties to Lunsford in

April 2019. (See Compl. ¶ 43.) The next month, New JBL’s management team met

in Asheville, North Carolina. Lunsford was there. So was Dorwart. (See Compl.

¶ 44.) They discussed New JBL’s failure to release nearly $350,000 in retainages that

it had agreed to pay to Old JBL’s subcontractors. (See Compl. ¶¶ 51, 56.) They also

discussed New JBL’s difficulty in obtaining its own general contractor’s license. (See

Compl. ¶¶ 62–64.) At some point, Dorwart “assured Lunsford” that New JBL

“valued” his contributions. (Compl. ¶ 46.) 11.

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