Opinion
Civil Action RE-21-28
05-17-2023
DEVGRU FINANCIAL, LLC, Plaintiff v. LADO LODOKA a/k/a LADO L. LODOKA a/k/a LADO LODOKA a/k/a LADO JOSEPH and ZERO FENWAY, LLC, Defendants
Plaintiff represented by John A. Turcotte, Esq. of Ainsworth, Thelin & Raftice. Defendants represented by Mark A. Kearns, Esq. of Mark Kearns, Attorney at Law.
Plaintiff represented by John A. Turcotte, Esq. of Ainsworth, Thelin & Raftice.
Defendants represented by Mark A. Kearns, Esq. of Mark Kearns, Attorney at Law.
FINAL JUDGMENT
Title to Real Estate is Involved
On May 17, 2022, the Court GRANTED Plaintiffs Motion for Partial Summary Judgment. That Order is incorporated herein by specific reference. After the May 9, 2023 hearing on damages. Plaintiff represented by John A. Turcotte, Esq. and Defendant represented by Mark Kearns, Esq., the Court hereby further FINDS, ADJUDGES and ORDERS:
1. In accordance with Title 14 M.R.S.A. § 2401, the Courts finds the following:
2. There are four (4) parcels of real property at issue:
• 560 Main Street, South Portland, Maine;
• 3 Horton Place, Portland, Maine;
• 1342 Intervale Road, New Gloucester, Maine;
• Lot 13, Warren Shores, Gray, Maine.
3. In the matter of DEVGRU Financial, LLC v. Lado L. Lodoka, Docket No.: PORSC-CV-19-175 (Nov. 9th, 2020), Plaintiff obtained Judgment against Defendant Lado L. Lodoka in the total amount of $75,564.30 (hereinafter "the Judgment").
4. On November 30, 2020, Defendant Lado L. Lodoka conveyed all four (4) properties from himself to Zero Fenway, LLC, a Maine limited liability company solely owned by Lado L. Lodoka. Specifically:
• 560 Main Street, Portland was conveyed by way of deed recorded in the Cumberland County Registry of Deeds at Book 37518, Page 15.
• 3 Horton Place, Portland was conveyed by way of deed recorded in the Cumberland County Registry of Deeds at Book 37518, Page 18.
• 1342 Intervale Road, New Gloucester was conveyed by way of deed recorded in the Cumberland County Registry of Deeds at Book 37518, Page 16.
• Lot 13, Warren Shores, Gray (also identified as Robert Road by the Town of Gray Tax Assessor) was conveyed by way of deed recorded in the Cumberland County Registry of Deeds at Book 37518, Page 14 (hereinafter the "Gray Property").
5. These four (4) transfers were made without receipt of reasonably equivalent value and were done with the intent to hinder or delay Plaintiffs execution of the Judgment. Therefore, these were fraudulent transfers made in violation of Maine's Fraudulent Transfer Act, 14 M.R.S.A. § 3571, et seq.
6. Pursuant to the May 17, 2022 Order and 14 M.R.S.A. § 3578(1)(A), the transfer of the Gray Property, being the property conveyed by a deed recorded in the Cumberland County Registry of Deeds at Book 37518, Page 14, is hereby AVOIDED.
7. The testimony established that the Gray property is unencumbered and valued at $250,000. Title in the remaining properties remains the same. 14 M.R.S.A. § 3578(1)(A)(court may void transfers "to the extent necessary to satisfy the creditor's claim.")
8. Title to the Gray Property hereby vests solely in Defendant Lado L. Lodoka.
9. The court finds that an injunction barring Ladoka from further encumbering the property is necessary to prevent irreparable injury to the Plaintiff and that the balancing of harms favors an injunction. Pursuant to 14 M.R.S.A. § 3578(1)(C)(1), Defendant Lado L. Lodoka is hereby enjoined from further encumbering the Gray Property described herein without the prior written consent of Plaintiff and is further enjoined from transferring said property to anyone other than an unrelated third-party purchaser for fair market value without the written consent of Plaintiff.
10. Pursuant to 14 M.R.S.A. § 3578(1)(C)(3) and (4), in the context of a fraudulent transfer judgment, "the loss or injury to a creditor is necessarily twofold: the amount of the creditor's underlying claim and additional expenses such as attorney fees or costs incurred in locating the fraudulently transferred asset and in prosecuting an action for fraudulent transfer." Samsara Mem'l Trust v, Kelly, 2014 ME 107, ¶ 48, 102 A.3d 757, 773. Those costs and reasonable attorney's fees are recoverable as damages. See id. at ¶ 50, 774. The Plaintiff does not seek and is not awarded damages other than attorneys fees and costs. 14 M.R.S.A. 3578(C)(3).
11. The limit of damages available under Maine's Uniform Fraudulent Transfer Act is twice the value of the transferred assets. 14 M.R.S.A. § 3578(1)(C)(3). Defendants admitted that the total fair market value of the four (4) properties was at least $1,325,000.00, less encumbrances totaling $683,964.71. Therefore, the net value of the assets transferred was $641,035.29. See May 17, 2022 Order at p. 2.
The Gray Property is unencumbered.
12. Accordingly, Plaintiff is awarded costs in the amount of $590.00, and attorney's fees in the amount of $23,897.75 against the Defendants, jointly and severally. Execution to issue immediately.
13. The parties and counsel of record's addresses are as follows: Plaintiffs mailing address is 1766 W 46th Avenue, #11677, Denver, CO 80211 Attn: Herb Dorn Plaintiff is represented by John A. Turcotte, Esq, 7 Ocean Street, South Portland, ME 04106. Defendants' address is P.O. Box 3791, Portland, ME 04104. Defendants are represented by Mark Kearns, Esq., 9672 Warburton Drive. Huntington Beach, CA 92646
14. Plaintiff shall be responsible for promptly recording an attested copy of this Judgment in the Cumberland County Registry of Deeds and for the cost thereof.
15. The Clerk shall incorporate this Judgment into the docket by specific reference.
IT IS SO ORDERED .
CERTIFICATION
The applicable period of appeal expired without action by either party