Dinuro Investments, LLC v. Camacho

141 So. 3d 731 (2014)

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Dinuro Investments, LLC v. Camacho

Florida District Court of Appeal of the Third District
141 So. 3d 731 (2014)

Facts

Three limited-liability companies—Dinuro Investments, LLC (Dinuro) (plaintiff), Merici, LLC (Merici), and Starmac, LLC (Starmac)—together formed San Remo Homes, LLC (San Remo). Merici and Starmac were controlled by the natural persons Felisberto Camacho and Javier Macedo (defendants), respectively. San Remo issued promissory notes to a bank to finance real estate purchases. After San Remo fell into financial distress, Camacho and Macedo, but not Dinuro or its owners, caused other entities they controlled to purchase the San Remo notes from the bank. San Remo defaulted on the notes, and the entities that Camacho and Macedo controlled foreclosed on San Remo’s assets. The foreclosure destroyed any remaining value in Dinuro’s, Merici’s, and Starmac’s investment in San Remo. However, Camacho and Macedo, the natural persons who controlled Merici and Starmac, also controlled the entities that ended up with San Remo’s assets. Dinuro sued Camacho and Macedo, alleging that they wrongfully devalued San Remo. Dinuro sued in its individual capacity as opposed to bringing a derivative action on behalf of San Remo. The trial court dismissed the action, finding that Dinuro did not have standing to sue in its individual capacity. Dinuro appealed.

Rule of Law

Issue

Holding and Reasoning (Rothenberg, J.)

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