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HSSK Discovers Evidence: Millions in Partnership Funds Went to Partner's Personal Use
September 2010
PBF Investments, Ltd., Paul Black et al. v Toby Shor et al.
HSSK was retained by Seashore Investments pre-litigation to investigate the operations of certain oil & gas and real estate partnerships where Seashore was a limited partner. With limited access to data and after months of contested discovery requests and hearings, HSSK discovered evidence that the general partner had used millions of dollars of partnership funds for personal use. The general partner filed an arbitration proceeding against Seashore claiming more than $64 million in damages and went to arbitration in June 2010. Jeff Spilker testified to his findings at the arbitration. The 3-member panel ruled in favor of Seashore on all claims that included breach of contract, breach of fiduciary duty, and fraud. Seashore was awarded more than $31 million against the general partner and $26 million against the partnerships. All claims against Seashore were found to be without merit.