Rumbeck v. Premier Valley CA5
In 2006, at the full expanse of the real estate bubble, Larry Rumbeck (Rumbeck) sold the assets of his solely owned real estate brokerage, BP Realty, Inc. (BP), to Endsley, Inc. (EI), whose sole shareholders were William Endsley (Endsley) and Neil Weese (Weese). Endsley and Weese personally guaranteed the $800,000 note that EI executed in BP’s favor. By 2010, the bubble had burst and EI was over $2.4 million in debt, which included the note to BP. EI sold its assets to Premier Valley, Inc., dba Century 21 M&M and Associates (PVI) for an amount significantly less than its debts.
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