Malik v. FALCON HOLDINGS, LLC

EASTERBROOK, Chief Judge.

Falcon Holdings was organized in 1999 to own and operate 100 fast-food restaurants. Aslam Khan owned 40% of Falcon’s common units. (Falcon is a limited liability company rather than a corporation; ownership is represented by units rather than shares.) The remainder of the common units, and all of the preferred units, were owned by Sentinel Capital Partners II and Omega Partners (collectively “Sentinel”). According to the plaintiffs, Khan told Falcon’s managers that he would acquire full ownership one day, and that, when he did, he would reward the top managers with…