Mo v. Rhombus Asset Management, Inc.

2019 IL App (1st) 182347-U
CourtAppellate Court of Illinois
DecidedDecember 13, 2019
Docket1-18-2347
StatusUnpublished

This text of 2019 IL App (1st) 182347-U (Mo v. Rhombus Asset Management, Inc.) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Mo v. Rhombus Asset Management, Inc., 2019 IL App (1st) 182347-U (Ill. Ct. App. 2019).

Opinion

2019 IL App (1st) 182347-U

SIXTH DIVISION DECEMBER 13, 2019

No. 1-18-2347

NOTICE: This order was filed under Supreme Court Rule 23 and may not be cited as precedent by any party except in the limited circumstances allowed under Rule 23(e)(1). ______________________________________________________________________________

IN THE APPELLATE COURT OF ILLINOIS FIRST JUDICIAL DISTRICT ______________________________________________________________________________

GLENNA MO, ) Appeal from the ) Circuit Court of Plaintiff-Appellant, ) Cook County. ) v. ) No. 16 L 5626 ) RHOMBUS ASSET MANAGEMENT, INC., and ) MARK PROSKINE, ) Honorable ) James E. Snyder, Defendants-Appellees. ) Judge Presiding. _____________________________________________________________________________

JUSTICE CUNNINGHAM delivered the judgment of the court. Presiding Justice Mikva and Justice Harris concurred in the judgment.

ORDER

¶1 Held: The plaintiff’s action is barred by res judicata; the trial court did not err in granting the defendants’ motion to dismiss.

¶2 The circuit court of Cook County dismissed a complaint by the plaintiff-appellant, Glenna

Mo, against the defendants-appellees, Rhombus Asset Management, Inc. (Rhombus) and Mark

Proskine, on the basis that res judicata barred the action. Mo now appeals. For the following

reasons, we affirm the judgment of the circuit court of Cook County. 1-18-2347

¶3 BACKGROUND

¶4 In 1998, Mo and Proskine, along with Alexander Herdan and Russell Wasendorf

(collectively the Rhombus shareholders), formed Rhombus, an Illinois corporation, to finance the

development of Romanian real estate. Proskine is the president of Rhombus. At the time of

Rhombus’ formation, Mo served as secretary and was issued 13,600 shares in Rhombus, which

represented 17% of the total issued shares.

¶5 In 2000, the Rhombus shareholders formed Central and Eastern European Investment Fund

(CEEIF), an entity incorporated under the laws of Cyprus, as a holding company for Rhombus’s

Romanian projects. 1 CEEIF, through Romanian subsidiaries and affiliates, engaged in the

purchase, development, and sale of real estate in Romania. Each of the Rhombus shareholders was

issued shares of stock in CEEIF. Mo received 154,345 shares, which represented 11% of the 1.4

million shares issued at the time.

¶6 The June Agreement

¶7 In June 2006, the Rhombus and CEEIF shareholders held a meeting to determine upcoming

dividend payments to all shareholders. According to Mo, the purpose of the June 2006 meeting

was to resolve an ownership interest dispute, as she had been demanding an increased percentage

of ownership in Rhombus and CEEIF for some time. Mo retained attorney Mitchell Pawlan to

assist in pursuing her demand. During the meeting, Mo and Pawlan presented the other

shareholders with several spreadsheets that purportedly showed the amounts that third-party

lenders, solicited by Mo, had loaned to Rhombus and CEEIF, as well as the amounts of Mo’s

personal capital contributions to Rhombus and CEEIF’s projects.

1 CEEIF is not a party to this appeal.

-2- 1-18-2347

¶8 The spreadsheets referred to loans from a third-party lender, Robert Lee, as capital

contributions from Mo to Rhombus’ projects, and not as loans to be repaid by Rhombus. Other

shareholders in attendance asserted that, during the meeting, Mo told them that she would

personally repay the loans from Lee in exchange for an increased percentage of ownership in

Rhombus and CEEIF. Based on these representations, the shareholders agreed to give Mo a higher

percentage of ownership in Rhombus and CEEIF.

¶9 At the conclusion of the meeting, all of the Rhombus and CEEIF shareholders, except for

a new shareholder, Edwin Warmerdam, signed a document drafted by Pawlan (the June

Agreement). The three-page agreement listed the adjusted percentage of ownership in CEEIF,

subject to dilution: 30% for Hergan; 23% for Proskine; 20% for Mo (up from 11%); 15% for

Wasendorf; and 12% for a new shareholder, Coplader, Ltd. The June Agreement did not address

percentage of ownership in Rhombus, but did provide that Mo would receive 25% of distributions

from several of Rhombus’ upcoming projects. The shareholders agreed to cause CEEIF to make

dividend payments based on their adjusted percentages of ownership.

¶ 10 Before the dividend distribution, Mo told Pawlan that she wanted to renege on the June

Agreement and require Rhombus to repay Lee’s loans that she had represented she would pay.

Pawlan told Mo that the June Agreement obligated her to repay Lee, and that if she intended to

renege on that obligation, she should stop the anticipated wire transfer of her upcoming dividend

payments from Rhombus and CEEIF. Mo did not stop the wire transfer.

¶ 11 On June 22, 2006, based on the adjusted percentages of ownership, Rhombus paid a

dividend to Mo of $844,660, and on June 29, 2006, CEEIF paid her a dividend of $4,194,892.50.

After she received these payments, Mo instructed Pawlan to inform the other shareholders that she

would not be repaying the Rhombus loans which had been made by Lee.

-3- 1-18-2347

¶ 12 Neither Mo nor Rhombus repaid the principal on any of Lee’s loans. Lee eventually

obtained a judgment against Rhombus in the amount of $1,934,097.60 for Rhombus’ failure to

repay his loans.

¶ 13 Prior Litigation

¶ 14 On March 12, 2009, Rhombus and CEEIF filed a complaint against Mo, alleging that she

breached her fiduciary duty by failing to repay Lee’s loans and that she was unjustly enriched as a

result.

¶ 15 Mo filed a counterclaim against Rhombus and CEEIF, seeking a declaration that Mo was

entitled to additional shares in Rhombus and CEEIF (the 2009 counterclaim). Mo argued that she

was entitled to additional shares based on “the significant capital contributions” she had made to

Rhombus and CEEIF. She referenced the June Agreement in her argument. Mo also claimed that

Rhombus breached an oral contract with her by failing to reimburse her for interest payments she

had made on Rhombus’ behalf to its lenders, including Lee.

¶ 16 On February 19, 2015, the trial court issued two separate judgments on Rhombus and

CEEIF’s claims and on Mo’s counterclaims. First, the trial court found that Mo owed a fiduciary

duty to Rhombus, CEEIF, and the other shareholders, and that Mo had breached those duties when

she falsely represented that she would repay Lee’s loans on Rhombus’ behalf, causing Rhombus

to incur liability to Lee when the loans were not repaid. The court further concluded that Mo was

unjustly enriched at Rhombus and CEEIF’s expense because Mo’s agreement to repay Lee’s loans

resulted in her receiving nearly double the dividend payment she would have received otherwise.

¶ 17 The trial court’s other judgment found in favor of Rhombus and CEEIF on both counts of

Mo’s counterclaims. Specifically, the court found that Mo was not entitled to additional shares in

Rhombus and CEEIF, and that Mo had failed to prove her breach of contract claim against

-4- 1-18-2347

Rhombus and CEEIF.

¶ 18 Mo appealed. In her appellate brief, Mo argued that she had repeatedly demanded to receive

additional shares from Rhombus, but to no avail. She stated that she “thought the June Agreement

would accomplish what she sought,” but she “soon learned that the words of a contract matter less

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2019 IL App (1st) 182347-U, Counsel Stack Legal Research, https://law.counselstack.com/opinion/mo-v-rhombus-asset-management-inc-illappct-2019.