YONG JAE LEE VS. MI Y. KIM (L-2860-16, MONMOUTH COUNTY AND STATEWIDE)

CourtNew Jersey Superior Court Appellate Division
DecidedJune 17, 2019
DocketA-3912-17T2
StatusUnpublished

This text of YONG JAE LEE VS. MI Y. KIM (L-2860-16, MONMOUTH COUNTY AND STATEWIDE) (YONG JAE LEE VS. MI Y. KIM (L-2860-16, MONMOUTH COUNTY AND STATEWIDE)) is published on Counsel Stack Legal Research, covering New Jersey Superior Court Appellate Division primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
YONG JAE LEE VS. MI Y. KIM (L-2860-16, MONMOUTH COUNTY AND STATEWIDE), (N.J. Ct. App. 2019).

Opinion

NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION This opinion shall not "constitute precedent or be binding upon any court." Although it is posted on the internet, this opinion is binding only on the parties in the case and its use in other cases is limited. R. 1:36-3.

SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION DOCKET NO. A-3912-17T2

YONG JAE LEE,

Plaintiff-Respondent,

v.

MI Y. KIM,

Defendant-Appellant. ________________________

Submitted May 9, 2019 – Decided June 17, 2019

Before Judges Whipple and Firko.

On appeal from Superior Court of New Jersey, Law Division, Monmouth County, Docket No. L-2860-16.

Cho Legal Group, LLC, attorneys for appellant (Kristen M. Logar, on the briefs).

Yong Jae Lee, respondent pro se.

PER CURIAM

Defendant Mi Y. Kim appeals from a judgment entered on April 10, 2018

by Judge Linda Grasso Jones, following an eight-day jury trial in this breach of contract action in favor of plaintiff Yong Jae Lee and dismissing the

counterclaim. For the reasons that follow, we affirm.

I.

Defendant is the owner of Golden Farm Market ("the market") located in

Howell. She hired Kangbae Lee to assist her in constructing a building on the

land she purchased for the market. In 2010, Lee was unable to complete the

construction. Defendant formerly owned and operated the market with her ex-

husband prior to their divorce. Thereafter, defendant was introduced to plaintiff,

a self-employed mortgage broker and general contractor, who offered to assist

her with the construction and running her business.

On December 3, 2010, the parties entered into a partnership agreement

which provided:

3. OWNERSHIP. [Defendant] as Founder of the Corporation, shall hold a [seventy-five percent] equity interest in the Corporation. [Plaintiff] shall hold a [twenty-five percent] equity interest in the Corporation and additionally shall receive a weekly salary of $1,000 (the "Weekly Salary") beginning on the date the store opens for business. [Plaintiff] shall be eligible to purchase an additional [fifteen percent] equity interest in the Corporation (the "Additional Equity Interest") in exchange for a payment of $175,000 to [defendant]. Once [plaintiff] has purchased the Additional Equity Interest, he shall no longer be eligible to receive the Weekly Salary ($1,000).

A-3912-17T2 2 4. CAPITAL. [Defendant] shall provide all capital contributions for the purchase and development of the property . . . and has full ownership in the real estate located on that property. [Defendant] shall also provide all capital contributions for all expenses up to and until the Corporation is open for business and achieving a profit. After the Corporation has achieved a profit, the Corporation shall be responsible for paying rent to [defendant] equal to the property's monthly mortgage payments.

5. PROFIT AND LOSS. The net profits of the partnership shall be divided between the partners in equal proportion to their equity interests.

According to the partnership agreement, plaintiff would not contribute any

funds to the business, and he would assume control of daily management

responsibilities, while defendant had final authority regarding business

decisions. In consideration for his sweat equity, plaintiff claims defendant

agreed to give him a twenty-five percent ownership interest in the business plus

$1000 weekly in wages, which he never received. Plaintiff testified he was not

responsible for any of the company's liabilities and he was entitled to receive

profits. Because she was divorced and only had a high school education while

plaintiff had an MBA, defendant claims she relied on plaintiff to run the

business. Her understanding was plaintiff would receive twenty-five percent of

the profits, and not a twenty-five percent ownership interest.

A-3912-17T2 3 In March of 2011, construction of the market was completed. Plaintiff

selected an accountant to prepare the market's tax returns. The 2011, 2012, and

2013 market tax returns all listed defendant as the one-hundred percent owner

of the business. Defendant alleges plaintiff never told the accountant he was a

twenty-five percent owner of the business.

Plaintiff suggested expanding the market and adding a take-out restaurant

at a cost of $400,000, to which defendant agreed, and she also agreed to provide

the financing. The restaurant turned out to be unprofitable and closed six months

later. The expansion and restaurant construction were financed using equitable

distribution monies defendant received from her divorce matter plus a loan.

Plaintiff procured the loan, and he was not listed as an owner of the business on

the loan documents. Defendant alleges she felt pressured and intimidated by

plaintiff to agree to the expansion and restaurant against her wishes. She further

alleges plaintiff refused to work in the restaurant, became "lazier and lazier,"

and let it sit empty and unstaffed, despite his assurances he would make it a

success. Plaintiff claims he supervised sixteen employees, purchased goods,

maintained the store, managed multiple vendors, and dealt with governmental

licensing issues.

A-3912-17T2 4 Defendant alleges several other incidents where plaintiff was derelict in

his duties, such as leaving work early to go to the gym, picking up his children

during work hours, and neglecting to cover the cash register, spending time in

his office instead. Plaintiff allegedly took money for gas, his EZ-Pass, personal

cell phone, health insurance for his entire family, and produce from the market,

which defendant claims he was not entitled to do pursuant to their agreement.

Defendant confronted plaintiff about his family health insurance plan and he

responded that his wife, an attorney, was unemployed, so he unilaterally decided

to add his family to the market's plan.

Plaintiff allegedly persuaded defendant to invest $300,000 cash into the

business because money was short "continuously." Around this time, defendant

advised plaintiff she wanted her brother to start managing the market, and she

asked plaintiff to leave because he was not doing his job. In response, plaintiff

demanded that defendant liquidate the business and pay him $500,000. Instead,

defendant offered plaintiff $150,000 as a buy-out, which he agreed to.

On October 2, 2014, the parties signed a document entitled, Agreement to

Purchase Shares ("the 2014 Agreement"). The 2014 Agreement indicated

plaintiff owned shares in the market based upon an oral agreement, and he was

required to surrender his shares to a transfer agent. The 2014 Agreement also

A-3912-17T2 5 provided that defendant had to pay plaintiff the sum of $100,000 on September

30, 2014, and $50,000 on March 15, 2015 to complete his buy-out. On the first

due date, defendant paid plaintiff $100,000 in cash, but she defaulted as to the

$50,000 payment because she claimed plaintiff was stealing cash from the

business. Defendant alleges that the business was losing money, and no profits

would be paid to plaintiff.

Before plaintiff's departure, defendant asked him to prepare an

accounting, but he declined to do so. She never followed up on her request

because she was "afraid" of plaintiff. At a later date, defendant learned that the

business had minimal cash deposits, which led her to believe plaintiff was

stealing money.

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YONG JAE LEE VS. MI Y. KIM (L-2860-16, MONMOUTH COUNTY AND STATEWIDE), Counsel Stack Legal Research, https://law.counselstack.com/opinion/yong-jae-lee-vs-mi-y-kim-l-2860-16-monmouth-county-and-statewide-njsuperctappdiv-2019.