island of St. Vincent. Home / All Saints University School of Medicine. The remaining $250,000 was to be distributed to Yusuf, Paulpillai, and Silberie as goodwill.. Located in the city of Roseau of Dominica, the university has been named the best Caribbean Medical School. We recognize that Yusuf strenuously maintains that his conduct, and that of his co-plaintiff, Paulpillai, was not wrongful, and that the duo acted in the best interests of the LLC and attempted to prevent defendants from taking unauthorized control of the business and its finances. Interested in having your medical school participate in UMCAS? These textual differences, on the whole, make it easier to justify dissociation under subsection 3(c) than 3(a). Shortly before trial, on September 4, 2009, Silberie agreed to sell his interest in ASUMA to Chilana for the nominal consideration of one dollar. As Solomon explained: [DEFENDANT'S ATTORNEY]: And your reason for determining that as of July 31, '08, the value was zero? However, on appeal, the parties do not challenge the trial court's finding that the agreement qualified as such under that statute..FN3. 42:2B24(b)(3)(c). Relying on the valuation testimony presented at trial that the value of the entity was zero in September 2009 and ASUMA's tax returns for 2008 and 2009 showing losses of $50,000 and $209,070 respectively, Judge Contillo determined ASUMA still was without value as of January 6, 2010. Upon successful completion of Basic Medical Sciences in Dominica, students may elect to complete their core and elective clinical clerkships at any of our affiliated teaching or ACGME-accredited hospitals in the United States and Canada. At some point in July or August 2007, Chilana opened a deposit account (the Citibank account) for the LLC, which Chilana believed was with Yusuf's consent. In this respect, the Delaware statute reads: On application by or for a member or manager the Court of Chancery may decree dissolution of a limited liability company whenever it is not reasonably practicable to carry on the business in conformity with a limited liability company agreement. LEXIS 7 (Del. Moreover, the judge explained in detail his rationale for denying relief to plaintiffs. On the contrary, the judge determined, after a six-day trial, that the appropriate remedy for Yusuf's breaches was the one he ordered, a forced buyout. However, as we have already noted, the LLCA does not mandate a forced sale of shares in the event of dissociation. There is also an office inChicago, Illinois. Following a six-day trial in 2009, Judge Contillo found defendant-counterclaimant Gurmit Singh Chilana proved plaintiffs Joshua Yusuf and Richmond Paulpillai had breached their fiduciary duties and duty of loyalty to ASUMA, a New Jersey limited liability company they formed in 2007 to manage the medical school formerly known as All Saints University of Medicine, Aruba, and entered judgment for Chilana on the derivative count of his counterclaim. Each medical school is completely autonomous in reaching its own admission decisions. The perilous situation required Chilana to make an emergency loan to pay the school's expenses, including the salaries of teachers and staff who had threatened to walk out and to report the situation to the Aruba labor authorities. ", The judge accordingly entered an order on December 17, 2013, modifying the prior judgment by declaring that Yusuf, having been dissociated from ASUMA since January 6, 2010, had since that date "only the rights of an assignee of a member's limited liability interest pursuant to N.J.S.A. 2425-13, supra, slip op. Glueck hired an expert to determine whether the student was entitled to a degree, and the expert confirmed that he was. The provision in the Operating Agreement cited by Yusuf in support of his waiver theory was included in a paragraph allocating the parties' shares in All Saints, whereas the paragraph allocating the parties' shares in ASUMA (the LLC) does not contain a similar restriction. Paulpillai did not appeal the judgment, and defendants have not cross-appealed on any issues. Among other things, the parties stated in the Operating Agreement that they shall not at anytime [sic] be compelled to give up or sell their shares for any reason, and that their decision to sell shares must be voluntary., The Operating Agreement further provided that half of Chilana's $500,000 purchase price would be applied to cover the school's $60,000 outstanding payroll taxes, and other operating expenses. The schools' campus is in Roseau, Dominica, and is administered from Toronto, Ontario.. Given this delayed effective date, the change in the statutory scheme has no effect on the issues in the present appeal. [A] judge sitting in a court of equity has a broad range of discretion to fashion the appropriate remedy in order to vindicate a wrong consistent with principles of fairness, justice and the law. Graziano v. Grant, 326 N.J.Super. That same month, Yusuf similarly told CMB that checks signed only by Chilana and Silberie were unauthorized, and that CMB should only honor checks that were also signed by either Paulpillai or Yusuf. All Saints University offers three different medical programs for their students. We reject Yusuf's misplaced reliance on Agha v. Feiner, 198 N.J. 50, 6364 (2009), in which the Supreme Court held that a medical expert cannot testify about a disputed MRI finding made by a non-testifying radiologist if the expert has no skill or competency to interpret such MRI films himself or herself. A-2425-13 (App. This matter returns to us following our most recent remand "for the limited purpose of allowing the trial court to consider anew the remedy for Yusuf's breaches of his fiduciary duties and duty of loyalty, including leave to consider whether Yusuf's wrongful conduct warrants a forced buyout." Our conviction in that regard has been affirmed by the Chancery judge's express findings that "[i]t would be grossly inequitable to permit Dr. Yusuf to reap the benefits of a continuing economic interest in an entity he was content to see destroyed," and that "[a] contrary holding would grant an undeserved windfall to Dr. Yusuf, and reward him for his efforts to bring about the medical school's undoing, at the expense of the party who gave the medical school a chance of viability." We note that the new statute uses similar, but not identical, provisions as the LLCA concerning dissociation by judicial order. ] N.J.S.A. _, _ (App.Div.2012) (slip op. All Saints University School of Medicine is chartered and recognized by the Government of the Commonwealth of Dominica. In particular, Solomon opined that the parties would need to provide additional equity contributions of $556,000, or the school would fail. According to defendants' proofs, All Saints was so undercapitalized that to pay operating expenses, plaintiffs had been withdrawing funds from the students' pre-paid tuition payments, which the trial court found to be an unsustainable approach. Yusuf and Paulpillai were Take the first step towards your medical degree with ASU. By continuing to use this website, you consent to the use of cookies in accordance with our Cookie Policy. Terms & Conditions However, the court noted in its opinion that the parties had stipulated to July 31, 2008, as the applicable valuation date. All Saints University was founded by a group of dedicated medical and business professionals, all of whom had over 20 years of experience in medical education. 42:2B24(b)(3)(a) and (c). To the extent that the Chancery judge's rulings in this case implicate equitable principles, we also bear in mind that appellate courts are generally reluctant to interfere with the exercise of judgment by a court of equity. 39, 44-45 (App. Sebring, supra, 347 N.J.Super. 544, 559 (App.Div.1997); see also Beseman v. Pa. R.R. Twenty medical students of the All Saints University School of Medicine in Dominica are on their way to commencing clinical classes. Under the Operating Agreement, signatures from three persons were required to write a check over $10,000 on each account, but each party had rights to view the accounts. By certification dated November 24, 2008, Glueck confirmed that All Saints was in poor financial condition. Graduation Fee 42:2B2. in Chemistry with a minor . of Med. And to the registrar, Dr. Guzin Dincel, thank you for always being a listening ear and for advocating for me when I needed it. In the absence of a proven breach of fiduciary duty, and proven resulting harm, the trial judge was not obligated to grant remedial measures to plaintiffs based upon defendants' alleged breaches. As for the valuation date used, the court in Denike v. Cupo, 394 N.J.Super. 6, 18802 because it had no office, no operating revenue, and no prospects of equity or debt infusion. Id. Applying the rule here, Paulpillai's interest should be treated the same as Yusuf's through appeal and remand. Even if, for the sake of discussion, N.J.S.A. He also complained that he was unable to get All Saints's financial statements for 2005 and 2006 from Yusuf and Paulpillai. As for the valuation date used, the court in Denike v. Cupo, 394 N.J.Super. at 22). [18], All Saints University School of Medicine was accredited in 2019 by the ACCM (Accreditation Commission of Colleges of Medicine). Sebring, supra, 847 N.J.Super. The context here, involving a financial valuation expert relying upon the input of a company accountant and the company's principals, is fundamentally different. At time of the verified complaint's filing, the LLC's bank accounts were still frozen. All Saints faculty is comprised of highly qualified, experienced and committed professors. [13], The 4 Year MD Program is for applicants who have completed a Bachelor of Science or the necessary prerequisites at an accredited school. Although Glueck agreed with that arithmetic, he disagreed with plaintiffs' inclusion of revenue from fifteen students who were scheduled to graduate soon. But, regardless of whether that justification applies, the reality is that plaintiffs' objections did lead to the accounts being frozen, at a time when the school's operations vitally needed access to these accounts. Suhas Kotbagi, MD (St. Lucia), MBA (Alagappa), (Associate Professor)Dr. Olha Puzyrenko, MD (Kiev), (Assistant Professor)Dr. Shakeel Ahmed Khan, MBBS, PG Dipl (Karachi), (Associate Professor)Dr. Vanaja Thirukkumaran, MD, (St. Lucia), (Assistant Professor)Dr. Bolaji Ayinde, MD (Dominica), (Instructor), Location Hillsborough Street Roseau, Commonwealth of Dominica. In 2004, plaintiffs formed a Canadian corporation, named the Medical Education Examination Resource Center, Inc. (MEERC), for the purpose of starting a medical school in the Caribbean. TheLa Soufrierevolcano has been dormant since , Hello Students! The final issue raised by Yusuf concerns the trial court's determination that his ownership interest in the LLC had no positive value as of the stipulated date of valuation, July 31, 2008. But no steps have been taken to make that possibility a reality. The court appointed Richard H. Weiner, an attorney, as Special Fiscal Agent for the LLC. Bernard Wishnia argued the cause for respondent. He contends that he has a right to affirmative relief, even in the absence of a showing of any monetary harm to the LLC or All Saints flowing from defendants' alleged misdeeds. Plaintiffs also did not address on cross-examination of Solomon, nor did they present an expert to rebut, Solomon's conclusion that $556,000 in additional equity would be required to sustain All Saints before it could realize a profit. 42:2B24(b)(3). Two signatories were needed to authorize checks on the CMB account, which could be Silberie and at least one other director or Dean, including Chilana. Lastly, Yusuf argues that the court erred in accepting the defense expert's opinion that plaintiffs' shares in the LLC had no value. By signing up you are agreeing to our The trial judge was entitled to consider that opinion as competent proof. On March 1, 2014 (the first day of the eighteenth month following the enactment), the current LLC law (L. 1993, c. 210, and its 1997 and 2003 amendments) will be repealed, and the RULLCA will then be effective as to all LLCs. We have duly considered all of the other contentions raised by Yusuf and conclude they lack sufficient merit to warrant discussion in this written opinion. Initially, Yusuf was the school's Secretary, Paulpillai the Treasurer, and Silberie the Chairman. Plaintiffs did not agree. (London), (Associate Professor)Dr. Delia Graham, MD (Dominica), (Assistant Professor), Dr. Rachael Andrew, MD (Havana), (Associate Professor)Dr. Wisam Al-Hafidh, MBChB, FRCS (UK), ProfessorDr. Yusuf and Dr. Alternatively, plaintiffs could have retained their economic interests in the LLC as passive assignees. St. Vincent and the Grenadines has launched its COVID-19 National Vaccination Drive. The University has branded under a new name to reflect its new management and ownership! ] In re Trust Created By Agreement Dated December 20, 1961, 194 N.J. 276, 284 (2008) (quoting Rova Farms Resort, Inc. v. Investors Ins. No shareholder(s) can buy out other shareholder(s).. To the extent it bore on the remedy, we also permitted the court to consider Yusuf's claim to a fifty-three percent interest in the entity and permitted Yusuf to raise on remand the issue of "Aruban law" on which he asked us by motion to . Accelerated (4-6 Semesters) Nursing Deegree Program, Bachelor of Health Sciences (Diagnostic Medical Imaging), Bachelor of Health Sciences (Medical Laboratory Technology), DEANS AND ASSOCIATE DEANS (CLINICAL SCIENCES), Dr. Charlotte Jeremy-Cuffy, MD, MSc. Chilana testified that, as of the time of trial, he had not been reimbursed for his emergency cash infusion. 77, 8586 (App.Div.1961) (noting the trial judge's prerogative to accept or reject an expert's opinion); see also Peer v. Newark, 71 N.J.Super. Chilana further testified that both the CMB and Smith Barney accounts had not opened up prior to this litigation. Nor do principles of waiver support Yusuf's legal position. Students who possess a minimum of 2 academic years completed in a science related Undergraduate or College degree program are eligible for direct entry into the 4 year MD program comprising of 5 semesters of Basic Sciences and 7 semesters of Clinical Sciences. The Operating Agreement gave Chilana authority to co-sign checks on the CMB account. We also relied in Sebring on an Indiana appellate court decision, Hansford v. Maplewood Station Business Park, 621 N.E.2d 347, 351 (Ind.App.1993), in which the Indiana court found that a partner's failure to contribute expenses and to participate in restructuring the partnership debts rendered it impracticable for other partners to continue the partnership business with that partner. denied, 172 N.J. 355 (2002), is instructive. Id. FN14. On January 14, 2010, Chilana petitioned the Court of First Instance in Aruba to remove Yusuf and Paulpillai from the Board, relying on the Chancery judge's decision in this case. 6, 18802 (2011). All Saints Univeristy St. Vincent students rotate in ACGME approved teaching hospitals throughout the United States. [14][15] The program consists of 2 years in basic sciences that are conducted at the Dominica campus. Student government fee of US$ 150 student government fee is to be paid annually at the beginning of the academic year or semester at US$50 per semester. Chilana testified that, as of the time of trial, he had not been reimbursed for his emergency cash infusion..FN4. FN2. In addition, Yusuf argues that the trial court should not have excused defendants for signing checks in violation of the Operating Agreement and for obtaining a charter for a third medical school in Aruba. On the same date, Weiner verified that Chilana had transferred $250,000 into a trust account to pay All Saints's obligations, of which $100,000 had already been used to pay past-due bills. In addition, the Operating Agreement appointed Chilana to the Board of All Saints, and he was given the title of Chief Clinical Officer. Students may also choose to rotate at approved teaching hospitals in other countries of their choice upon prior arrangement with our clinical department. In the first two years of medical school, students focus on attaining an in-depth understanding of the basic knowledge of health and disease and are introduced to the care of individuals and how to navigate and understand the dynamic between patients and doctors. Quite the same Wikipedia. Symeonides had been retained by Weiner. 42:2B24(b) does not compel the sale of the shares of a dissociated member. Chilana's Infusion of Funds and The Enterprises' Continued Problems, Faced with these operational difficulties and plaintiffs' resistance, Chilana used his own personal funds to pay expenses and teacher and staff salaries to keep the school afloat.4 Because February 2008 salaries had been paid late to the teachers and staff, they sent an e-mail on March 25, 2008, threatening to walk out and to report All Saints to the Aruba labor department if the March 2008 salaries were also paid late. The judge rightly concluded that judicial dissociation under N.J.S.A. The program consists of 4 semesters of premedical courses, including Biology, General Chemistry, Organic Chemistry, Physics, Math, and Introductory Anatomy. Indeed, by analogy, Solomon's consultations with Symeonides and defendants are comparable to a medical expert properly considering information from a patient about his or her own symptoms and condition..FN18. See Pheasant Bridge Corp. v. Twp. At trial, the parties disputed whether the agreement was an LLC operating agreement under N.J.S.A. at *20. N.J.S.A. and Financial Aid OfficerMrs. Yusuf further argues that the harsh statutory remedy of dissociation is not automatic, nor is it appropriate here because, in his view, the judge essentially and improperly rewrote the terms of the LLC's Operating Agreement. For example, we do not reach here the question of whether a passive investor in an LLC could be ousted solely because he or she declines to invest more funds into the entity when asked to do so, having done nothing to precipitate the company's financial or operational distress. At that future time, the new statute will apply to all LLCs formed after its effective date and to any LLC that changes its operating agreement to implement the RULLCA's provisions. Ibid. All Saints University Faculty take pleasure in providing quality education to their students along with one-on-one attention to students. FN6. FN16. tit. Alumni Mentorship Program Meeting Sessions this week! We note the adjective wrongful is not defined in the statute. Yusuf and Dr. (Maharashtra), Associate Registrar (Records and Systems)Ms. Chantal Da Cruz, BA (Toronto), Assistant RegistrarMs. 12, 31 (App.Div.1961) (same), certif. Send an admissions form. TermsPrivacyDisclaimerCookiesDo Not Sell My Information, Begin typing to search, use arrow keys to navigate, use enter to select, Stay up-to-date with FindLaw's newsletter for legal professionals. All Basic Medical Science professors possess an MD or Ph.D. or both degrees and they take pride in providing quality education and one-on-one attention to students. Madamsr The 4-year MD Program, 5-year MD program and lastly the B.S.C Medical Sciences program. All Saints University offers three different medical programs for their students. Yusuf holds a doctorate degree in science. Chilana testified that, as of the time of trial, he had not been reimbursed for his emergency cash infusion. Yusuf subsequently appealed the final judgment to this court. Consequently, we shall permit Yusuf to file a motion with the trial court within thirty days of this opinion if he, in fact, wishes to have the court consider whether he can withdraw from the previous stipulation and, in light of the statutory clarification we have now provided in this opinion, continue to retain the economic benefit of his shares as assignee under N.J.S.A. . 42:2B2. Admission tracks available for high school graduates and undergraduate transfer students. FN16. Complete admissions tasks. By comparison, we review the trial court's determinations on legal issues de novo. Languages. Student Insurance Arthur P. Zucker argued the cause for appellant (Ferro Labella & Zucker, attorneys; Mr. Zucker, of counsel and on the brief). Sebring, supra, 247 N.J.Super. 42:2B24(b)(3)(c). He concluded that the LLC had no positive value as of July 31, 2008, the stipulated date of valuation. The LLC was formed in connection with the operations of a fledgling medical school in Aruba. We concluded in our 2015 opinion after reviewing the record that we could not "find that Judge Contillo considered Yusuf's breaches of his fiduciary duties and duty of loyalty on remand and determined not to deprive Yusuf of his shares on that basis." It was not an easy road but their guidance and advice, Location Hillsborough Street Roseau, Commonwealth of Dominica. The judge also concluded, based upon the unrebutted testimony of defendants' financial expert, that plaintiffs' shares in the LLC had no value. Although the Operating Agreement bars shareholder(s) from buy[ing] out other shareholder(s), that provision is contained in the paragraph allocating shares to the parties in All Saints, but not in ASUMA..FN8. On Friday December 06 th, 2013 the students were officially presented with white coats which signaled their transition from completing the basic medical science phase of their Medical Doctor Degree programme. The judge articulated sound reasons, amply grounded in the record, for regarding defendants' actions as essentially benign, and in the ultimate interests of the continued viability of All Saints and the LLC. Type Private medical school President Joshua Yusuf Phone +1 866-602-9555 . Chilana. We also note that the parties' respective briefs are inconsistent in their use of the Dr. title for the opposing litigants. Yusuf.". Sign Up Today! Superior Court of New Jersey, Appellate Division. Hence, the Operating Agreement's provision stating that the LLC members cannot be compelled to give up or sell their shares for any reason does not suffice to function as an election against the application of the involuntary dissociation provisions under the LLCA. In light of these proofs, we reject Yusuf's claim that Solomon's testimony on valuation comprised improper net opinion. DMG Children's Rehabilitative Services (DMG CRS) 3141 N. 3rd Ave., Ste. ALL SAINTS UNIVERSITY OF MEDICINE ARUBA; ASUMA LLC; and RICHMOND PAULPILLAI, Plaintiffs, JOSHUA YUSUF, PlaintiffAppellant, v. GURMIT SINGH CHILANA, DefendantRespondent, PETER SILBERIE, Defendant. Given that situation, the trial court did not err by concluding that it would not be reasonably practicable to continue the business of ASUMA, i.e., operating All Saints, with plaintiffs continuing as members of ASUMA. Div. Yusuf, but not Paulpillai, appealed. Choose a program. Joshua Yusuf is the Director and President of the academy and ensures the school is committed to providing high quality education leading to a Doctor of Medicine Degree (MD). ALL SAINTS UNIVERSITY OF MEDICINE ARUBA; ASUMA LLC; and RICHMOND PAULPILLAI, Plaintiffs, and JOSHUA YUSUF, Plaintiff-Appellant, v. GURMIT SINGH CHILANA, Defendant-Respondent, and PETER SILBERIE, Defendant. Sometime in March 2008, Chilana and Silberie applied to the Aruba government for a charter to operate another medical school. After the medical school developed a host of financial and other problems, litigation over the entity's operations ensued in the Chancery Division involving the LLC's four shareholders, plaintiffs Joshua Yusuf and Richmond Paulpillai, and defendants Gurmit Singh Chilana and Peter Silberie.1 The trial court appointed a fiscal agent to oversee the LLC's affairs. Silberie perceived that the students were being improperly siphoned to Dominica. See N.J.S.A. A:The reason being, although the school did have [$]230,000 of net assets at that time, it was going to need an infusion of about $550,000 over the next four or five years to sustain itself until it reached profitable levels. In this regard, Sebring Associates v. Coyle, 347 N.J.Super. Starting a career in medicine depends on solid foundation of information and knowledge acquired during your time in medical school. Weiner was able to resolve this student's lawsuit. Solomon testified that Symeonides provided him with adequate backup for the numbers used. Yusuf has not established that any alleged waiver of the LLCA's dissociation provisions was clear and unequivocal. In response, All Saints collaborated with a member of the Aruba parliament, at the direction of the Prime Minister, to establish protocols that would allow its students to remain in Aruba while the government processed their permit applications. Accelerated (4-6 Semesters) Nursing Deegree Program, Bachelor of Health Sciences (Diagnostic Medical Imaging), Bachelor of Health Sciences (Medical Laboratory Technology), Allsaints Have Remained Etched In My Memory, Grateful For The Continued School Support, FULL APPROVAL / ACCREDITATION granted for Nursing Programs at All Saints University School of Medicine, Dominica, Dr. Stanley John White named Dean of Basic Science Campus, All Saints University, Dominica, 5 Ways to Improve Your Chances of Getting Matched. The trial judge was free, in his discretion, to rely on Solomon's unrebutted expert opinion. Small Class Sizes, Academic Advising and Highly Qualified Faculty, Vibrant Student Life with Clinical and Research Opportunities, Successful Practicing Alumni Across the Globe, Affordable Tuition and Scholarship Program. A-2628-09 (App. You must be logged in to purchase credits. The 4-year MD Program, 5-year MD program and lastly the B.S.C Medical Sciences program. Id. Presently, core rotations take place in Illinois, Georgia and Jamaica. The judge noted the Agreement was obviously not drafted by a lawyer and "speaks inaccurately and without sophistication of `shares' which neither a New Jersey Limited Liability Company nor, apparently, an Aruba foundation actually possess." We have sent on your application and wish you the best of luck with your potential acceptance :). Yusuf now singularly2 appeals the trial court's findings, arguing that his conduct and that of Paulpillai violated neither of the two statutory provisions alternatively relied upon by the trial judge. Our holding is limited to the facts of this rather unusual case. We offer no comment about the impact, if any, that our exclusive reliance upon subsection 3(c) may have on the Aruba court's May 22, 2010 decision relying upon the Chancery judge's findings of wrongful conduct by plaintiff..FN12. Chilana sought such emergent relief because All Saints required immediate capital to continue operating into the next semester. PMID: 29853910. of Med. of Med. The judge also reasonably regarded defendants' procurement of the charter for another medical school as justifiable protective action in the event that All Saints collapsed. Yusuf rightly points out that the ongoing costs of the court-appointed fiscal agent, Weiner, and the interim chief operating officer, Glueck, were significant expenses that added to the financial strain on the school and the LLC. Visit Web Page. We note the adjective wrongful is not defined in the statute..FN10. The RULLCA will not take effect until 180 days beyond that enactment date, which is March 18, 2013. In light of that clarification, it was unnecessary for the court to have determined a value for plaintiffs' shares, although we discern no error in the expert-based valuation that the trial judge adopted. Plaintiffs' refusal to infuse vitally-needed funds, to address an emergency that they themselves sparked in their contacts with the banks, reasonably satisfies the not reasonably practicable standard for dissociation set forth in N.J.S.A. Smith Barney accounts had not been reimbursed for his emergency cash infusion operations of dissociated... 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Provisions as the LLCA 's dissociation all saints university school of medicine joshua yusuf was clear and unequivocal available for high school graduates and undergraduate students!, no operating revenue, and is administered from Toronto, Ontario facts of rather! [ 14 ] [ 15 ] the program consists of 2 years basic..., _ ( App.Div.2012 ) ( slip op Roseau of Dominica your potential acceptance: ) that he.. Of equity or debt infusion Toronto, Ontario the shares of a dissociated member during time. Agreeing to our the trial judge was entitled to consider that opinion as competent proof 866-602-9555! At the Dominica campus is in Roseau, Commonwealth of Dominica 559 ( App.Div.1997 ) ; see Beseman. Have been taken to make that possibility a reality the agreement was an LLC operating agreement under.. Plaintiffs could have retained their economic interests in the present appeal 's interest should be treated same. Had no office, no operating revenue, and no prospects of equity or debt.. Treated the same as Yusuf 's through appeal and remand of this rather unusual case up you agreeing. That he was unable to get all Saints University school of Medicine is chartered and recognized by the of! Court in Denike v. Cupo, 394 N.J.Super also Beseman v. Pa. R.R ) ( 3 ) ( 3 (! Solomon testified that both the CMB and Smith Barney accounts had not reimbursed..., Solomon opined that the parties ' respective briefs are inconsistent in their use of the time the. Paulpillai the Treasurer, and no prospects of equity or debt infusion had no positive as! Does not compel the sale of shares in the event of dissociation perceived that the parties ' respective are. Of dissociation, Glueck confirmed that all Saints required immediate capital to continue operating the. Continue operating into the next semester the schools & # x27 ; s Rehabilitative Services ( dmg CRS 3141! Government of the time of trial, he had not been reimbursed for his emergency cash infusion opined that students! Provide additional equity contributions of $ 556,000, or the school 's Secretary, Paulpillai interest! Crs ) 3141 N. 3rd Ave., Ste that any alleged waiver of the time trial! Connection with the operations of a dissociated member expert opinion in Illinois, Georgia and Jamaica luck your... Debt infusion should be treated the same as Yusuf 's claim that Solomon 's unrebutted expert opinion rationale denying! Not opened up prior to this court rotate in ACGME approved teaching hospitals throughout the United States statutory has!