Curci Investments, LLC v. Baldwin

14 Cal. App. 5th 214 (2017)

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Curci Investments, LLC v. Baldwin

California Court of Appeal
14 Cal. App. 5th 214 (2017)

  • Written by Rose VanHofwegen, JD

Facts

James Baldwin (defendant) formed Delaware limited-liability company (LLC) JPM Investments, LLC (JPBI) to hold and invest his and his wife’s cash. As manager and chief executive officer, Baldwin held a 99 percent interest, while his wife held 1 percent. Two years later, Baldwin personally borrowed $5.5 million from the predecessor of Curci Investments, LLC (Curci) (plaintiff). Baldwin defaulted, and Curci obtained a $7.2 million judgment against Baldwin personally. Curci then moved to add JPBI as a judgment creditor liable for the judgment, a practice called reverse veil piercing. The trial court refused because California precedent refused to allow reverse veil piercing against a corporation. Curci appealed.

Rule of Law

Issue

Holding and Reasoning (Thompson, J.)

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