Truebridge v. Thaler
The primary issue in this appeal is whether the trial court erred in concluding that the founders of a closely held corporation were subject to alter ego liability for the corporation’s activity. Michael Thaler (Michael) and Herb Leibowitz (Herb) founded California Trust Deeds, Inc. (CTD),a non-judicial foreclosure company in 1981.[1]According to the share certificates maintained by CTD, Michael and Herb were the sole CTD shareholders from 1981 onward. As of 1991, Herb was the sole director and officer. Michael remained a customer of CTD personally and through his business, and retained access to CTD’s bank accounts personally or through his son, who was his business partner, through 2008.
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