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Pensmore Invs., LLC. v. Gruppo, Levey & Co.
Citations: 2016 NY Slip Op 6899; 143 A.D.3d 588; 38 N.Y.S.3d 903Docket: 2003N 650002/14
Court: Appellate Division of the Supreme Court of the State of New York; October 20, 2016; New York; State Appellate Court
Original Court Document: View Document
In *Pensmore Investments, LLC v. Gruppo, Levey & Co.*, the Appellate Division, First Department affirmed the Supreme Court’s order granting Pensmore Investments a prejudgment attachment against the defendants. The court found that the plaintiff demonstrated a likelihood of success on its veil-piercing claim, showing that the defendants misused several corporate entities and accounts to improperly manage funds, thereby keeping the judgment debtor corporation operational while undercapitalized. The ruling highlighted that the defendants allegedly deprived the debtor of cash and capitalization, in contrast to a cited case where there was no evidence of deceit. The court noted that while an undertaking is necessary for an attachment, the determination of the undertaking's amount was left to the motion court, which is currently reviewing that aspect. Overall, the decision underscores the court's firm stance against the defendants’ alleged misconduct in handling corporate finances.