Pincus Equity Partners v. Keane

• Decision Date: 13 October 2005
• Docket Number: 6752.,6753.
• Citation: 22 A.D.3d 321,2005 NY Slip Op 07597,802 N.Y.S.2d 420
• Parties: WARBURG, PINCUS EQUITY PARTNERS, L.P., Respondent, v. MICHAEL DAVID KEANE, Appellant. WARBURG, PINCUS EQUITY PARTNERS, L.P., Respondent, v. JAMES ISAAC VALENTINE, Appellant.
• Court: New York Supreme Court — Appellate Division

22 A.D.3d 321

802 N.Y.S.2d 420

2005 NY Slip Op 07597

WARBURG, PINCUS EQUITY PARTNERS, L.P., Respondent, v.MICHAEL DAVID KEANE, Appellant.

WARBURG, PINCUS EQUITY PARTNERS, L.P., Respondent, v.JAMES ISAAC VALENTINE, Appellant.

6752.

6753.

Appellate Division of the Supreme Court of the State of New York, First Department.

October 13, 2005.

Judgment, Supreme Court, New York County (Herman Cahn, J.), entered July 9, 2004, which, upon the prior grant of plaintiff's motion for summary judgment in lieu of complaint as against defendant Keane, awarded plaintiff $500,000, plus interest, and judgment, same court and Justice, entered July 9, 2004, which, upon the prior grant of plaintiff's motion for summary judgment in lieu of complaint as against defendant Valentine, awarded plaintiff $500,000, plus interest, unanimously affirmed, with separate bills of costs.

The subject agreements were amenable to relief under CPLR 3213, assuming that plaintiff adequately established failure to make payment according to their terms (seeDDS Partners v. Celenza,6 AD3d 347, 348[2004]).Each agreement contained an unequivocal and unconditional promise by the signatory defendant to repay plaintiff the funds loaned to him, and reference by defendants to extrinsic matters, such as dealings between plaintiff and QoS Networks Limited, has no bearing on the relevant issues (seeWarburg, Pincus Equity Partners, L.P. v. O'Neill,11 AD3d 327[2004]).

Although both defendants arguably established the existence of an issue of fact as to whether a "sale" of the shares securing the loan occurred, triggering the repayment clause in the agreement, plaintiff, in each case, established the existence...