The lawsuit between Gary A. Gorian (plaintiff) and Elise Sinay Spilker, Janet Halbert, and LASIV, LLC (defendants) was filed in the Court of Appeal of the State of California, Second Appellate District, Division Six on April 17th, 2024. The case ID is 2d Civ. No. B3830327 and it pertains to a dispute over shareholder claims.
Gorian owned a 50% interest in Old Parker Ranch, LLC (OPR), managed by Spilker who also served as trustee for three trusts holding the remaining interest in OPR. Defendant Halbert provided accounting services for both OPR and LASIV, LLC. At one point, LASIV owned a "put" right that granted them a time-limited right to redeem a 25% interest in ESG Properties I, LLC via acquisition of stock in Essex Portfolio L.P., valued at approximately $5 million.
Spilker and Essex reached an agreement where Essex would honor the expired LASIV "put" right and Spilker would accept a below-market price for OPR's interest in ESG without triggering certain clauses or negotiating a higher price. Gorian brought claims both individually and derivatively through his interest in OPR against Spilker, Halbert, and LASIV after this deal went through despite his objections.
The plaintiff seeks to overturn the trial court's order granting defendant Halbert's motion to strike his individual claim against her as well as the judgment of dismissal concerning his individual claims against defendants Spilker and LASIV.