Lo v. Jensen
California Court of Appeal
88 Cal. App. 4th 1093 (2001)
- Written by Daniel Clark, JD
Facts
Hing Kwan Lo and Yuk Lin Fung (plaintiffs) owned a condominium subject to a deed of trust. Peter Jensen and Kevin Ko (defendants) were professional investors in distressed real estate. Jensen and Ko were aware of each other as fellow market participants but had no personal or working relationship. Lo and Fung defaulted on the debt secured by the deed of trust, and the trustee posted notice of a foreclosure sale. Both Jensen and Ko planned to attend the sale, each individually valuing the property at $150,000 and each individually intending to bid $100,000. The day before the sale, Ko contacted Jensen and suggested they cooperate rather than compete. The two presented themselves as a partnership or joint venture in which Ko would do legal work and Jensen would do repair work on the property. When no other bidders came to the sale, Jensen and Ko purchased the property for just over $5,000. Lo and Fung sued to have the sale set aside, arguing that Jensen and Ko unlawfully conspired to restrict competition and suppress the foreclosure price. The trial court ruled in favor of Lo and Fung. Jensen and Ko appealed.
Rule of Law
Issue
Holding and Reasoning (Armstrong, J.)
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