Lantau Holdings Ltd. v. Orient Equal Int'l Grp. Ltd.

• Decision Date: 02 July 2019
• Docket Number: 9788,Index 650085/17, 653920/16
• Citation: Lantau Holdings Ltd. v. Orient Equal Int'l Grp. Ltd., 174 A.D.3d 409, 107 N.Y.S.3d 274 (N.Y. App. Div. 2019)
• Parties: LANTAU HOLDINGS LTD., Plaintiff, v. ORIENT EQUAL INTERNATIONAL GROUP LIMITED, et al., Defendants. Lantau Holdings Ltd., Plaintiff–Respondent–Appellant, v. General Pacific Group Ltd., Defendant–Appellant–Respondent, SVK Capital Management Ltd., et al., Defendants.
• Court: New York Supreme Court — Appellate Division

174 A.D.3d 409
107 N.Y.S.3d 274

LANTAU HOLDINGS LTD., Plaintiff,
v.
ORIENT EQUAL INTERNATIONAL GROUP LIMITED, et al., Defendants.

Lantau Holdings Ltd., Plaintiff–Respondent–Appellant,
v.
General Pacific Group Ltd., Defendant–Appellant–Respondent,

SVK Capital Management Ltd., et al., Defendants.

9788
Index 650085/17, 653920/16

Supreme Court, Appellate Division, First Department, New York.

ENTERED: JULY 2, 2019

107 N.Y.S.3d 275

Friedman Kaplan Seiler & Adelman LLP, New York (Andrew W. Goldwater of counsel), for appellant-respondent.

CKR Law, LLP, New York (Michael James Maloney of counsel), for respondent-appellant.

Richter, J.P., Tom, Gesmer, Kern, Moulton, JJ.

174 A.D.3d 409

Judgment, Supreme Court, New York County (Barry R. Ostrager, J.), entered April 1, 2019, and bringing up for review an order, same court and Justice, entered February 11, 2019, as amended by order, same court and Justice, entered February 14, 2019, which, inter alia, following a bench trial, required defendant General Pacific Group (GPG) to turn over certain securities and cash to Lantau Holdings Ltd. (Lantau), and denied GPG's claim for some $1.6 million it allegedly paid a third

174 A.D.3d 410

party in connection with the transactions, unanimously reversed, on the law and the facts, without costs, the judgment vacated, the requirement that GPG turn over to Lantau the remaining restricted shares of REX Global Entertainment Holding Ltd. (REX) in its accounts and pay Lantau the proceeds of the shares already sold stricken, the amount on the indemnification claim for legal fees owed by GPG to third party SVK Capital Management Ltd. (SVK) modified to limit it to the amount paid and dismiss the remainder of the legal fee claim without prejudice as premature, GPG's claim for lost profits for breach of the stock purchase agreements (SPA), reinstated, and the matter remanded for a determination by the trial court as to the amount of those lost profits.

Defendant...