NNN Capital Fund I, LLC v. Mikles

CourtCalifornia Court of Appeal
DecidedApril 16, 2026
DocketG064487
StatusPublished

This text of NNN Capital Fund I, LLC v. Mikles (NNN Capital Fund I, LLC v. Mikles) is published on Counsel Stack Legal Research, covering California Court of Appeal primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
NNN Capital Fund I, LLC v. Mikles, (Cal. Ct. App. 2026).

Opinion

Filed 3/20/26; Certified for Publication 4/16/26 (order attached)

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA

FOURTH APPELLATE DISTRICT

DIVISION THREE

NNN CAPITAL FUND I, LLC,

Plaintiff and Respondent, G064487

v. (Super. Ct. No. 30-2017- 00910991) TODD A. MIKLES et al., OPINION Defendants and Appellants.

Appeal from a judgment of the Superior Court of Orange County, David J. Hesseltine, Judge. Vacated and remanded with directions. Appellants’ and respondent’s requests for judicial notice. Granted. Thomas E. Walling for Defendants and Appellants. Catanzarite Law, Kenneth J. Catanzarite and Tim James O’Keefe for Plaintiff and Respondent. * * * This case represents the collision of two basic tenets of the law: The first is that jurisdiction is never waived and can be raised at any time, including for the first time on appeal. The second is that an arbitration award can only be challenged on very limited grounds and must be upheld if those grounds do not exist, even if the award is based on an error of law. The majority opinion follows the first tenet, and the dissent the second. Purported representatives of respondent NNN Capital Fund I, LLC (Cap Fund), claiming to be the company’s liquidating trustees, brought an action against appellants Todd A. Mikles, SCMG Liquidation, LLC (SCMG), SSMF Liquidation, LLC (collectively, appellants), and various other defendants, claiming breach of fiduciary duty and fraud. The trial court ordered the claims to arbitration. Appellants filed a motion to dismiss the arbitration based on lack of standing of the purported liquidating trustees, which was denied by the arbitrator. The arbitrator issued an award in favor of Cap Fund, which was affirmed by the court. On appeal, appellants argue the arbitrator and trial court lacked jurisdiction over the action because it was initiated and prosecuted by individuals who were unauthorized to represent Cap Fund. More specifically, appellants contend the purported representatives, Tyrone (Tye) Wynfield and Mary Jo Saul, lacked standing to bring claims on behalf of Cap Fund because they were not elected in accordance with the terms of the company’s operating agreement. If the purported representatives did not have standing, the court and arbitrator lacked jurisdiction over the case, 1 and it should have been dismissed at the outset and not sent to arbitration. We conclude the

1 As discussed in more detail below, we grant appellants’ and

respondent’s requests for judicial notice of documents pertinent to assessing justiciability.

2 factual dispute whether Wynfield or Saul had standing to bring the instant action on Cap Fund’s behalf, therefore, remains unresolved. Accordingly, we vacate the judgment and remand to the trial court with directions that it consider whether Wynfield and Saul had standing. FACTS A. Factual Background In 2008, Cap Fund was formed to provide short-term financing to affiliated borrowers for real estate syndications. Cap Fund obtained membership through a private placement memorandum which provided Cap Fund would be professionally managed by NNN Realty Investors, LLC (NNNRI). By 2011, in the wake of a widespread recession, three of Cap Fund’s loans (the Notes), which were unsecured and short-term, were outstanding and nonperforming. In August 2011, Mikles was appointed president of NNNRI. After his appointment, several of Cap Fund’s members told him they wished to wrap up Cap Fund and its outstanding Notes. Mikles proposed that Sovereign Strategic Mortgage Fund, LLC (SSMF), which he controlled, would purchase the Notes. Cap Fund decided to sell the Notes to SSMF for a discount and obtain new notes from SSMF at 8 percent interest, each with a short maturity date and periodic interest payments. Disclosures regarding the Note sale were provided to Cap Fund’s members. The sale of two of the Notes was included in a proposed “Amendment No. 1 to the Limited Liability Company Agreement” that was presented to the members for approval and approved by 77 percent of Cap Fund’s members; the third Note was sold at the same time and at a similar discount. Amendment No. 1 also required that Cap Fund’s manager, NNNRI,

3 would resign upon the sale of the Notes and be replaced by SCMG. After acquiring the Notes, SSMF negotiated a deal to sell them. On December 18, 2015, SCMG, Cap Fund’s manager, dissolved the company under sections 11.1.1. and 11.1.2 of the operating agreement by distribution of all the assets of the company to its members and cessation of Cap Fund’s activities. The members were subsequently issued Schedule K-1’s as part of Cap Fund’s tax returns, showing their ownership percentages as 0 percent at the end of 2015. All of the members accepted the repayment of the Notes and the final distribution proceeds. Cap Fund members Wynfield and John Weiss were apparently unhappy with the company’s management, alleging that the sale of the Notes was a breach of fiduciary duty. In December 2015, Wynfield and Weiss purported to conduct a vote of Cap Fund members to appoint themselves as “liquidating trustees.” The ballots state as follows: “VOTE AND/OR DIRECTION AND/OR APPLICATION BY MEMBER THAT JOHN WEISS AND TYE WYNFIELD BE APPOINTED LIQUIDATING TRUSTEE OF NNN CAPITAL FUND I, LLC “By my signature below I vote and/or direct and/or apply as to 100 [percent] of the membership interests attributable to me that John Weiss and Tye Wynfield be appointed Liquidating Trustee by the court for NNN CAPITAL FUND I, LLC (the “Company”) to wind up the Company’s affairs in accordance with [(Del. Code Ann. tit. 6, § 18-803)] (the text of which is below). The liquidating trustees shall have full power and authority to pursue any and all Company assets, claims, choses in action and remedies in addition to all other powers of such liquidating trustees as are available under Delaware law.

4 “Delaware law provides: (a) Unless otherwise provided in the limited liability company agreement, [. . .] but the Court of Chancery, upon cause shown, may wind up the limited liability company’s affairs upon application of any member or manager, or the member’s personal representative or assignee, and in connection therewith, may appoint a liquidating trustee. Unless otherwise provided in a limited liability company agreement, a limited liability company whose original certificate of formation was filed with the Secretary of State and effective on or prior to July 31, 2015, shall continue to be governed by this subsection as in effect on July 31, 2015. [(Del. Code Ann. tit. 6, § 18-803)] (West).” (Italics added.) Under the terms of Cap Fund’s operating agreement, not all members are qualified to vote. Section 9.2 of Cap Fund’s operating agreement provides that members who received their interest as transferees, such as when the admitted member died, have no right to vote on company matters unless they are admitted as a “substituted member,” pursuant to the procedures set forth in the operating agreement. The operating agreement provides for several conditions which must be fulfilled to become a substitute member: (1) obtaining the consent of Cap Fund’s manager under section 9.2.2; and (2) providing a written assignment and other documentation supporting the transfer and paying a transfer fee under section 9.2.1. None of the transferees of Cap Fund interests ever applied to be admitted as substitute members. After the ballots were tallied, Wynfield claimed he was elected, by a majority vote of the members of Cap Fund, to be its liquidating trustee.

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Bluebook (online)
NNN Capital Fund I, LLC v. Mikles, Counsel Stack Legal Research, https://law.counselstack.com/opinion/nnn-capital-fund-i-llc-v-mikles-calctapp-2026.