Banyan Limited Partnership v. Baer
This case involves rather murky business dealings of Dan W. Baer and David H. Tedder, who was an attorney. In the mid 1980s, the two formed a joint venture (the Joint Venture) in which they marketed "asset protection" and estate planning services to Tedder's high wealth clients. The Joint Venture's profits (as well as proceeds from various loans made to the Joint Venture by Baer's offshore corporation and from client accounts controlled by Tedder) were then used to acquire real estate for investment. In the mid-1990s, the partners' relationship soured, and litigation between them and former clients has been ongoing since 1996. The Joint Venture's assets, mainly the real estate, are currently being managed and controlled by Baer.
This appeal involves only one issue: whether the trial court abused its discretion by appointing a receiver pursuant to Code of Civil Procedure section 564 to manage the remaining assets of the Joint Venture while it winds down. The appellant, Baer, argues appointment of a receiver was inappropriate because his personal equity in the remaining real property assets was more than sufficient to satisfy any judgments against him for any of his alleged misdeeds in managing the assets. Court find no abuse of discretion and affirm the order.
Comments on Banyan Limited Partnership v. Baer