Allied v. GC Sun


08/25/08 – 08/29/08


This matter stems from a $10 million promissory note Allied Capital Corp. held from GC-Sun Holdings LP. The note contained a restrictive convenant prohibiting GC-Sun from incurring any additional debt unless it was subordinated to the $10 million note.
However, there was a restructuring of GC-Sun Holdings in 2004 that resulted in the creation of two new entities, Brafasco Holdings II Inc. and GC-Sun Frontier Investors LLC. The defendants allegedly made an investment in Brafasco that was not subordinated to the $10 million note. As a result, GC-Sun Holdings had only "trivial" funds left to repay Allied Capital.
Allied Capital sued for breach of contract, breach of implied good faith, tortious interference with contract, breach of fiduciary duty, aiding and abetting breath of fiduciary duty, fraudulent conveyance, civil conspiracy and unjust enrichment.


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