Summary
applying reverse corporate veil-piercing where a corporation's sole founder and owner used the corporation as a conduit for his personal assets
Summary of this case from Smith v. Carolina Med. Ctr.Opinion
CIVIL ACTION No. 11-7395
10-31-2012
KAMIAN SCHWARTZMAN, in his capacity as Receiver for the Receivership Estate established by the Order entered September 13, 2010 in SEC v. Robert Stinson, Jr., et al., Civil Action No. 10-03130 Plaintiff, v. SIERRA CAPITAL RESOURCES, LLC, and MICHAEL P. MCNAMARA, Defendants.
ORDER
AND NOW, this 31st day of October, 2012, upon consideration of Plaintiff's Motion for Summary Judgment with accompanying Statement of Undisputed Material Facts and Memorandum of Law, and for the reasons provided in this Court's Memorandum dated October 31, 2012, it is hereby ORDERED that:
1. The motion (Document No. 7) is GRANTED.
2. Judgment is entered in Plaintiff's favor against Defendants Michael McNamara and Sierra Capital Resources, LLC in the amount of $260,135.00, plus pre- and post-judgment interest at the applicable legal rate, and court costs.
3. The corporate form of Sierra Capital Resources, LLC is set aside, and Defendant McNamara is personally liable to Plaintiff for the full judgment in the amount of $260,135.00, plus pre- and post-judgment interest at the applicable legal rate, and court costs.
4. A constructive trust is hereby imposed on Defendants McNamara and Sierra Resources, LLC's assets in the amount of $260,135.00, and Defendants are enjoined from transferring or disposing of any assets pursuant to the Pennsylvania
Uniform Fraudulent Transfer Act, 12 Pa. Cons. Stat. § 5107.
5. The Clerk of Court is directed to close this case.
BY THE COURT:
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Berle M. Schiller , J.