Post Tagged with: "LLC"

Records Reveal Different Picture of Founders Group International

June 28, 2017 1:40 PM
Records Reveal Different Picture of Founders Group International

When Nick Dou filed a lawsuit against Dan Liu and three Chinese corporations last week, he brought to light much more than one Chinese partner of Founders Group International, LLC suing other Chinese partners.

According to the lawsuit, Dou owns 10 percent of approximately 16 LLCs with one or more of three Chinese corporations owning the other 90 percent of each LLC. The parties primarily conducted business locally as Founders Group International, LLC.

Dan Liu appears not to have a direct ownership interest in any of the 16 LLCs, but rather acts as exclusive U.S. business agent for the three Chinese Corporations.

However, further research on business transactions involving one or more of the LLCs as well as the three Chinese corporations revealed that Liu now appears to hold mortgages on virtually all of the collective Founders Group International, LLC golf courses and development property in Horry and Georgetown counties.

Between February 2017 and May 2017, well over $100 million in promissory notes and mortgages were transferred to Dan Liu in a series of approximately 25 transactions recorded in Horry County.

Seventeen of the recorded transactions assigned promissory notes and mortgages from one or more of the three Chinese corporations for which Liu allegedly acted as exclusive U.S. agent to Liu. Papers for eleven of the transfers to Liu were signed on February 3, 2017 and recorded on February 10, 2017 and papers for the remaining six transfers were signed on April 28, 2017 and recorded on May 25, 2017.

The remaining transactions were preliminary assignment of promissory notes and mortgages so they could ultimately be assigned to Liu.

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Chinese Fireworks Erupt Over Founders Group International, LLC

June 24, 2017 3:33 PM
Chinese Fireworks Erupt Over Founders Group International, LLC

Fireworks have erupted between the two Chinese principal owners of Founders Group International, LLC (FGI) as Nick Dou, one owner of the corporation, filed suit against Dan Liu, the other owner of the corporation, and three Chinese corporations Liu allegedly acts as exclusive agent for, in 15th Judicial Circuit Court on June 22, 2017.

According to the complaint, case number 2017-CP-2603932, Dou alleges Liu was stripping assets out of the corporation for personal and other uses. The suit alleges breach of contract, fraud and conversion by Liu.

Additionally, Dou asks for a full accounting of corporate assets as well as a temporary restraining order directing Liu “shall not divert, remove, alienate, convert, encumber or otherwise manipulate any corporate assets of FGI or any of the other FGI Entities for his personal use or benefit, until such time as the claims raised in this action have either been resolved by this Court, settled and/or withdrawn by the Parties to this action…”

The filing also states, “Plaintiff Nick Dou is informed and believes that the assets and property of FGI and the affiliated FGI Entities are at grave risk and danger of loss, and of material injury and impairment, at the hands of Defendant Dan Liu, if such property and assets are left under the exclusive control of Defendant Dan Liu.”

Dou asks the Court to “exercise its authority pursuant to S.C. Code Section 15-65-10, et seq., and immediately appoint a receiver over the property, assets, and operation of FGI and the affiliated FGI Entities.”

The three Chinese corporations named as co-defendants with Liu are: Jiangsu Tianru Danfo Commerce and Industry Co., Ltd., Nanjing Shuojun Trade and Industry Co. and Nanjing Xinyuanyuan Commerce and Trade Co., Ltd.

According to the complaint, all three corporations are organized and existing under the laws of the Peoples Republic of China and none of the three corporations have been “admitted to or authorized to conduct business in South Carolina.”

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The Adult Entertainment Industry Strikes Back

August 2, 2013 8:00 AM
The Adult Entertainment Industry Strikes Back

The first salvo from the adult entertainment industry was launched just hours after a Horry County Council Ad Hoc Committee voted Thursday to go forward with new ordinances governing the time, place and manner of adult entertainment operations.

Todd Martin, corporate spokesperson for Airport Express Video, LLC sent a press release by e-mail to all members of county council as well as many media outlets.

The press release outlines Airport Express Video’s meetings with county staff, its business license history and other interactions with the county. It also explains why Airport Express Video believes the new county ordinances to be unconstitutional and asks some interesting questions about other types of businesses.

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Reynolds Williams and… that timber company

July 10, 2012 12:05 PM
Reynolds Williams and… that timber company

S.C. Treasurer Curtis Loftis has requested S.C. Attorney General Alan Wilson to investigate the actions of S.C. Retirement System Investment Commission chairman Reynolds Williams with respect to a joint investment the commission made with American Timberlands, LLC.

Loftis said the investment seemed straightforward at the time, but information he became privy to after the commission vote brings to light possible conflict of interest problems for Williams and possible criminal violations.

The investment commission took up the matter of the investment during its November 2011 Wampee Reteat and business meeting. Commission members, less Williams who was not present for the vote, approved the investment.

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