Facts that are essential to resolve fiduciary duties dispute

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Reference no: EM134656

Question

Janet Levitt as well as Mark Levitt filed a lawsuit against Gilligan Village, LLC, Lauren Bivins, Milton Burnside, Sondra Burnside as well as Patricia Goldstein. Janet Levitt, Mark Levitt, Lauren Bivins, Milton Burnside, Sondra Burnside and Patricia Goldstein are members of Gilligan Village. The separate defendants are each related by blood, marriage or are else closely associated. Pursuant to section 4.2 of the LLC's operating agreement, Mark Levitt was selected manager of Gilligan Village after the death of its initial manager, Edward R. Bivins.

Throughout his tenure as manager, Mark Levitt pursued the sale of Gilligan Village's principal asset, a parcel of real estate. Shortly afterward, Lauren Bivins, Sondra Burnside and Patricia Goldstein removed Mark Levitt from the position of manager as well as appointed Lauren Bivins (Edward Bivins' widow and the personal representative of his estate) as his successor. The alleged motivation for this action was to prevent the sale of the property in order to confirm that Bivins Properties, LLC (Bivins Properties), a separate company owned by Lauren Bivins, sustained to receive a fee for managing the property.

What legal as well as ethical issues are apparent in these events? Have fiduciary duties payable to the LLC been violated? Are there any additional facts that we would essential to find out in order to resolve this dispute?

Reference no: EM134656

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