Ross v. Thomas

OPINION AND ORDER

SHIRA A. SCHEINDLIN, District Judge:

I. INTRODUCTION

Joel Ross, Eric Levine, and Jerde Development Company (flk/a JPI Development Company) (collectively, “Plaintiffs”) bring this action against Stanley E. Thomas and S. Thomas Enterprises of Sacramento, LLC (the “Company”) (collectively, “Defendants”). Plaintiffs contend that both Defendants breached the terms of, and Thomas breached his guarantee of, their July 13, 2004 Operating Agreement (the “Agreement”) by, inter alia, failing to pay ten million dollars in equity distributions as required by section 10.2 of the Agreement.…