Facts

This action dealt with the financial affairs of two limited liability companies, SAMT Investments Ltd. and Desert Inn Management Company Ltd., both of which were solely managed by defendant Michael Talbott, who is not only the manager for both LLCs, but also their majority owner (through his limited liability company, defendant TMF Investments LLC).

Plaintiff DI Property Holdings LLC and its owner, plaintiff Steve Samuelian, hold a minority interest in both SAMT and Desert Inn Management, but had been denied access to financial records by Talbott, who mismanaged, misrepresented, and concealed the financial condition of the LLCs.

PLAINTIFF'S CONTENTIONS:
Plaintiffs claimed that Talbott mismanaged and breached his fiduciary duties by wrongfully transferring LLC assets to himself (and his affiliates) and concealing financial information from plaintiffs.

DEFENDANT'S CONTENTIONS:
Defendants denied plaintiffs' allegations.

Result

The case settled for $500,000 to $850,000, depending on the timing of the payments.

Other Information

FILING DATE: June 30, 2009.