Phe, Inc. v. Dolinsky

2022 NCBC 62
CourtNorth Carolina Business Court
DecidedOctober 19, 2022
Docket22-CVS-517
StatusPublished

This text of 2022 NCBC 62 (Phe, Inc. v. Dolinsky) 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
Phe, Inc. v. Dolinsky, 2022 NCBC 62 (N.C. Super. Ct. 2022).

Opinion

PHE, Inc. v. Dolinsky, 2022 NCBC 62.

STATE OF NORTH CAROLINA IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION ORANGE COUNTY 22 CVS 517

PHE, INC.,

Plaintiff,

v. ORDER AND OPINION ON DEFENDANT’S PARTIAL MOTION ALAN M. DOLINSKY, as Executor of TO DISMISS the Estate of Philip D. Harvey,

Defendant.

THIS MATTER comes before the Court on Defendant’s Partial Motion to

Dismiss (“Motion to Dismiss” or “Motion,” ECF No. 17).

THE COURT, having considered the Motion, the briefs of the parties, the

arguments of counsel, and all appropriate matters of record, CONCLUDES, for the

reasons set forth below, that the Motion should be GRANTED.

Carruthers & Roth, P.A., by Michael J. Allen, Jack B. Bayliss, Rachel S. Decker, J. Patrick Haywood, and Brandon Kenneth Jones, for Plaintiff PHE, Inc.

Poyner Spruill LLP, by Andrew H. Erteschik, Keith H. Johnson, Colin R. McGrath, and N. Cosmo Zinkow, for Defendant Alan M. Dolinsky, as Executor of the Estate of Philip D. Harvey.

Davis, Judge.

INTRODUCTION

1. The Motion presently before the Court raises several novel questions—

suitable for a law school exam—regarding (1) who is entitled to sue the executor of

an estate on a claim for breach of fiduciary duty; and (2) the circumstances under

which the economic loss rule bars such a claim. FACTUAL AND PROCEDURAL BACKGROUND

2. The Court does not make findings of fact on a motion to dismiss under

Rule 12(b)(6) of the North Carolina Rules of Civil Procedure and instead recites

pertinent facts contained in the Complaint, including those in the documents

attached to, referred to, or incorporated by reference in the Complaint that are

relevant to the Court’s determination of the motion. See, e.g., Concrete Serv. Corp. v.

Inv’rs Grp., Inc., 79 N.C. App. 678, 681 (1986); Window World of Baton Rouge, LLC

v. Window World, Inc., 2017 NCBC LEXIS 60, at *11 (N.C. Super. Ct. Jul. 12, 2017).

3. Plaintiff PHE, Inc. (“PHE”) is a North Carolina corporation with its

principal place of business in Hillsborough, North Carolina. (Compl. ¶ 1, ECF No. 4.)

PHE was incorporated in June 1982. (Compl. ¶ 10.)

4. Defendant Alan M. Dolinsky is the executor of the estate of Philip D.

Harvey. Harvey was an initial shareholder of PHE and served as an officer and

director of PHE for much of the corporation’s existence prior to his death. (Compl. ¶

11.)

5. On 15 October 2000, Harvey—while serving as the president of PHE—

signed an Amended and Restated Shareholders’ Agreement (the “Agreement”) along

with the company’s other shareholders. (Compl. Ex. A, ECF No. 4.1.)

6. The recitals to the Agreement stated, in pertinent part, as follows:

B. . . . The Company and Shareholders believe it is in their mutual best interest to preserve the status of the Company as an S Corporation under the [Internal Revenue] Code and to provide for liquidity of the investment upon the occurrence of certain events. C. The Shareholders and the Company believe it is in their best interest to restrict each Shareholder’s right to dispose of any shares of Common Stock now owned or hereafter acquired by any of them (the “Shares”) upon the occurrence of (i) an actual or purported transfer of Shares by any Shareholder that would, directly or indirectly, terminate the Company’s [ ] S corporation status, (ii) a Shareholder’s death, (iii) the disability, retirement or resignation of a Shareholder who is employed by the Company, (iv) the termination, with or without cause, of a Shareholder’s employment with the Company, or (v) the voluntary or involuntary sale or disposition of any Shares owned by a Shareholder (collectively, the “Triggering Events”).

D. The Shareholders and the Company believe it is in their best interest to provide for the redemption or purchase of the Shares when a Triggering Event occurs.

(Agreement, at p. 1.)

7. The Agreement stated that “[u]pon the death of any Shareholder, the

Company shall have the obligation to purchase all Shares owned by (a) the

Shareholder immediately prior to his or her death or (b) his or her estate.”

(Agreement, at p. 3.) The Agreement went on to provide additional information

regarding how the purchase of such shares would take place. (Agreement, at p. 3.)

8. On 8 August 2018, Harvey executed a Last Will and Testament (the

“Will”). (Compl. Ex. B, ECF No. 4.2.) The Will contained the following provision that

is pertinent to this lawsuit:

5. Residuary Estate. I devise the residue of my estate (my Residuary Estate) to the beneficiaries named in the table below as unrestricted gifts. The following terms and conditions shall apply:

a. Sale of Stock by Executor. To the extent that my Residuary Estate consists of stock or similar interests in a corporation or other entity that is governed by stockholder or similar agreements, my Executor is directed to sell such stock or other interest in accordance with those agreements and transfer the net proceeds, including cash and notes to the beneficiaries herein in satisfaction of this bequest. The Executor may make distribution of the notes and cash to a distributee partially in notes and partially in cash, in divided or undivided interests, either pro rata or by a method other than pro rata among all distributees. This directive is designed to preserve the tax status such corporations or entities may have elected or secured. In particular, my goals are (1) to preserve the public foundation status of DKT International, Inc. and (2) to preserve the S Corporation status of any corporation shares of which are owned by me at the time of my death.

(Will, at p. 2.)

9. On 2 December 2021, Harvey died—leaving his widow as his sole heir.

(Compl. ¶¶ 22–23.) At some point thereafter, Dolinsky was appointed as the executor

of Harvey’s estate (the “Estate”). (Compl. ¶ 3.)

10. Shortly after Harvey’s death, PHE began preparations to purchase the

445.516 shares of common capital stock in the company owned by Harvey at the time

of his death (the “Harvey Shares”), which PHE believed it was entitled to purchase

pursuant to the terms of the Agreement and the Will. (Compl. ¶¶ 21–23.)

11. PHE provided notice to Dolinsky by letter dated 28 December 2021

regarding “PHE’s intent to redeem the Harvey Shares in accordance with the

Shareholders’ Agreement . . . at a closing to occur on March 2, 2022.” (Compl. ¶ 23.)

PHE alleges that this notice was issued in conformity with the procedure set forth in

the Agreement. (Compl. ¶¶ 23–27.)

12. Counsel for Dolinsky sent a letter by certified mail to PHE dated 28

January 2022 stating, among other things, that Dolinsky had not yet been formally

appointed as the executor and thus did not have authority to accept notices on behalf

of the Estate. (Compl. ¶ 30.) The letter further provided that Dolinsky “was willing to pursue discussions of the sale of the Harvey Shares upon completion of an

appraisal.” (Compl. ¶ 30.)

13. Discussions ensued between counsel for PHE and Dolinsky. (Compl. ¶

31.) On 25 February 2022, counsel for PHE sent a letter via Federal Express to

Dolinsky’s attorney confirming that officers of PHE intended to be present on 2 March

2022 for the closing as previously referenced in the 28 December 2021 letter. (Compl.

¶ 32.)

14. On 2 March 2022, neither Dolinsky nor any other representative of the

Estate attended the closing. (Compl. ¶ 35.) Nevertheless, PHE’s officers “executed a

promissory note in a principal amount calculated pursuant to the Shareholders’

Agreement and the Notice[.]” (Compl.

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2022 NCBC 62, Counsel Stack Legal Research, https://law.counselstack.com/opinion/phe-inc-v-dolinsky-ncbizct-2022.