Neil Meyers v. Celebrity Resorts

VERDICT

Trial
08/20/09 – 08/26/09

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Play button overlay 45f08f27c7337d189e8c31e635b5d0a0781b273131135cd77ee8b6f12366e7a2

Summary

3 week jury trial. CVN recorded an earlier bench trial in this same litigation.

Fraud claim asserted by father (Neil Myers) against son (Jared Myers).

Son was CEO of family-owned hotel chain, Celebrity Resorts International. The father allegedly sold the son $23M worth of business for just $3M, and gave the son the right to make a capital call on the father. According to the father, the asset purchase agreements and operating agreements were unconscionable, and allowed the son to make himself 99% owner of the business. The father requested that the court appoint a receiver to prevent fraud by the son, and also reinstate of the father's salary.

According to the son, the father's plan was always to put the son in control, and the father's documents and behavior were consistent with that plan. According to the son, this was not a minority freeze-out or squeeze out, but a "mutiny hijack" by the father intended to disrupt the corporation, and the father did not have the best interests of the company at heart.

From local media reports: "Privately-held Celebrity Resorts is an " all in the family" kind of company, with a long history. It is owned by CEO Jared Meyers' father, retired dentist Neil Meyers, and the general counsel is one of Jared's uncles. Another uncle is Hillie Meyers, who owns and operates Star Island Resort in Kissimmee, originally part of the Resort World group."

Outcome

No Record

Sessions

Recording Disclaimer: This proceeding was recorded in parts only. Available recordings do not represent the full proceeding.

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