Daskal v. Tyrnauer
Justice Carolyn Demarest
Daskal bought a foreclosed parcel of real property through 333-345 Greene Corp., an entity he owned. The purpose was to develop the property with a residential and retail building. Daskal, who accepted Tyrnauer's offer to participate in the development of the property, formed Greene LLC, each obtaining a 50 percent interest in it. In order to finance development of the property, the LLC obtained a $22.6 million loan from Banco Popular. During the project, Banco Popular wired $12,370,440 into the account of the LLC and Tyrnauer allegedly made various distributions into 1775 E. 17th St. LLC and 1584 Fulton LLC, companies where Tyrnauer and Daskal held 50 percent interests. Daskal asserted Tyrnauer engaged in a pattern of submitting false lien waivers from subcontractors on the project in order to obtain additional funds from Banco Popular. Daskal also claimed he was defrauded by Tyrnauer through related defendants, with the assistance of a Banco Popular loan officer. The court granted defendants' motions to dismiss the action, determining that although Daskal alleged a derivative suit on behalf of 1775 and 1584, in addition to the LLC, the complaint is devoid of allegations of actual loss to either entity.