ABKCO Music & Records v. Montague, NYLJ 8/3/10 "Decision of Interest" (Sup. Ct., N.Y. Co. July 26, 2010).
"What is in dispute is whether certain funds transferred from ABKCO on an on-going basis at the direction of its founder and principal, Allen Klein (Klein) (now deceased), to Montague(s), were interest-free, uncollateralized loans or were they gifts or perhaps investments. Arrangements between the parties, if any, were remarkably informal, but now ABKCO seeks the return of several hundred thousand dollars claimed to be loans."
Court dismisses plaintiff's claims - no evidence these were loans.
Jordan Greenberger, Esq.
J. Greenberger, PLLC. A boutique law practice in New York City concentrating on copyright, trademark, litigation and related matters.