Newport Investment Group v. Phila. TV Network

CourtSuperior Court of Pennsylvania
DecidedSeptember 7, 2023
Docket1954 EDA 2022
StatusUnpublished

This text of Newport Investment Group v. Phila. TV Network (Newport Investment Group v. Phila. TV Network) is published on Counsel Stack Legal Research, covering Superior Court of Pennsylvania primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Newport Investment Group v. Phila. TV Network, (Pa. Ct. App. 2023).

Opinion

J-A10020-23

NON-PRECEDENTIAL DECISION - SEE SUPERIOR COURT O.P. 65.37

NEWPORT INVESTMENT GROUP, LLC, : IN THE SUPERIOR COURT OF ASSIGNEE OF LUXURY ASSET : PENNSYLVANIA LENDING, LLC : : : v. : : : PHILADELPHIA TELEVISION : No. 1954 EDA 2022 NETWORK, INC. AND RICHARD : GLANTON : : : APPEAL OF: PHILADELPHIA : TELEVISION NETWORK, INC. :

Appeal from the Order Entered June 22, 2022 In the Court of Common Pleas of Philadelphia County Civil Division at No(s): 180500074

BEFORE: PANELLA, P.J., KING, J., and STEVENS, P.J.E.*

MEMORANDUM BY PANELLA, P.J.: FILED SEPTEMBER 7, 2023

Philadelphia Television Network, Inc. (“PTNI”) appeals from the order

denying its motion to enforce the orders vacating receivership and requiring

restoration of assets. The factual heart of PTNI’s appeal is a variation of the

“Nigerian Prince scam.”1 Unfortunately, one of the victims of the scam, Richard

____________________________________________

* Former Justice specially assigned to the Superior Court.

1 In this scam, a scammer “poses as a person of wealth and position who needs to get a huge sum of money out of their country and urgently requests your assistance …. In the version that became ubiquitous online in the 1990s, the supposed benefactor is a Nigerian royal, government official or business (Footnote Continued Next Page) J-A10020-23

Glanton, used his position as PTNI’s largest shareholder to use PTNI’s assets

as collateral for a loan from Luxury Asset Lending, LLC to finance his payments

to the scammers. After Glanton defaulted on the loans, Luxury Asset Lending

was temporarily partially successful in its attempt to foreclose on PTNI’s

broadcast assets; a Pennsylvania court erroneously transferred PTNI’s assets

to a court-appointed receiver before quickly realizing its mistake and revoking

the receivership. The only question before us now is whether Pennsylvania

state courts have the power to order the return of those assets to PTNI and

direct the receiver to initiate appropriate proceedings before the Federal

Communications Commission (“FCC”) to seek transfer of the broadcast license

back to PTNI. We hold that Pennsylvania courts have both powers, albeit with

certain limits. We therefore affirm in part, reverse in part, and remand for the

trial court to take appropriate action consistent with this memorandum.

A review of PTNI’s brief and the trial court’s opinion indicates that the

following factual and procedural history relating to a foreign judgment entered

in California and a vacated receivership in Pennsylvania is uncontested for

executive whose fortune is hostage to war, corruption, or political unrest. This desperate personage needs only … a relatively small advance payment (to cover taxes, bank fees or well-placed bribes) …. For your trouble, some of their millions will become your millions.” Nigerian Scams, https://www.aarp.org/money/scams-fraud/info-2019/nigerian.html, last retrieved 8/15/23.

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purposes of this appeal.2 Relevant herein, PTNI owned WEFG-LD, a low power

television broadcast station in Philadelphia, and related leases for equipment

and antenna facilities. PTNI also held an FCC license for the station to produce

and disseminate broadcasts.

In 2015, Curt Weldon, a former United States Congressman from

Pennsylvania, approached Glanton about the chance to manage a former

Libyan oil minister’s $350 million wealth fund.3 After several months, Glanton

informed Weldon he thought the deal was legitimate and suggested they travel

to Ghana to take custody of the funds. Upon arriving in Ghana, Glanton and

Weldon met with the potential client’s representative, Kweku Amedume

Thorpe (“Kweku”). Glanton and Weldon learned Standard Express Security

was holding the funds under the supervision of the Ghanaian Interior Ministry.

To release the funds, Glanton and Weldon agreed to wire approximately

$45,000 in “late storage fees” to Standard Express.

Subsequently, Glanton, Weldon, Kweku, and other representatives,

including a banker, Chris Obareki, met at the Standard Express offices to

inspect 3 boxes each containing over $100 million in $100 bills. The money

2 Newport Investment Group, LLC, an assignee of Luxury Asset Lending, as

Appellee, declined to file a brief in this appeal.

3 The California Court of Appeals has set forth an extensive factual recitation

of the underlying scam and the “Marquess of Queensbury fisticuffs” in this case. Luxury Asset Lending, LLC v. Philadelphia Television Network, Inc., 270 Cal. Rptr. 3d 724, 726–33 (Cal. Ct. App. 2020); see also In re Glanton, 2023 WL 4411849, at *3-4 (Bankr. D.N.J. filed July 7, 2023).

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was then taken to ECO Bank, which reported the money was real and totaled

over $360 million; however, the bank indicated that each of the bills had an

invisible insignia in Arabic that would need to be removed before the funds

could be deposited. The removal process would cost $2.4 million up front, with

Kweku and Obareki contributing about $900,000, and Glanton and Weldon

contributing the remaining money.

After the money had been raised, Kweku and Obareki advised Glanton

and Weldon that the Central Bank of Ghana had seized the $360 million, and

they had to pay a $3.6 million fine to release the money. Kweku and Obareki

indicated that if Glanton and Weldon paid approximately $800,000 of the fine,

they would pay the remainder. However, Kweku and Obareki did not produce

any money, causing Glanton and Weldon to provide additional funds.

Ultimately, Kweku and Obareki reneged on the deal, and it is unclear what

happened to the money contributed by Glanton and Weldon.

Significantly, to acquire part of the money needed to fund their

payments, Glanton and Weldon obtained loans totaling $530,000 from Brian

Roche and his affiliate, Luxury Asset Lending. By June 2017, Glanton and

Weldon had already defaulted on loans totaling $490,000. They then sought

an additional $40,000, which Roche and Luxury Asset Lending agreed to loan

them if they would pay back an additional $3.3 million. Glanton and Weldon

acquiesced to the demand.

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Importantly, without informing anyone at PTNI, Glanton obligated PTNI

on the loans and pledged PTNI’s company assets and his PTNI shares as

collateral to secure the loans. After Glanton and PTNI defaulted on all the

loans, Luxury Asset Lending filed a complaint against PTNI, Glanton, and

Weldon in Orange County Superior Court, alleging various claims and seeking

$3.79 million in damages. After serving Weldon and Glanton individually, as

well as serving Glanton as a representative of PTNI, Luxury Asset Lending filed

for entry of default against all defendants. The Orange County court ultimately

entered default judgment against PTNI and Glanton in the amount of

$3,897,919.22.4

On July 13, 2017, Glanton filed for Chapter 11 bankruptcy protection.

Subsequently, Glanton filed a motion to allow voluntary dismissal of his

Chapter 11 case, noting that he had reached a settlement with Luxury Asset

Lending. The bankruptcy court granted Glanton’s motion in April 2018.5 On

April 27, 2018, Luxury Asset Lending assigned the $3.897 million judgment

against PTNI to Newport, a company owned by Roche. On April 30, 2018,

Newport filed a stipulation seeking an order assigning Glanton’s PTNI shares,

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Bluebook (online)
Newport Investment Group v. Phila. TV Network, Counsel Stack Legal Research, https://law.counselstack.com/opinion/newport-investment-group-v-phila-tv-network-pasuperct-2023.