Christopher's Partner, LLC v. Christopher's of Colonie, LLC

Defendant, a limited liability company, operated a men’s clothing store in Colonie Center mall in the Town of Colonie, Albany County. It is owned by two members; plaintiff, a limited liability corporation owned solely by David Juneau, and Carol Stykes-Rua, the proposed intervenor.1 In October 2007, plaintiff loaned $125,000 to defendant and, in return, received a promissory note. The terms of the note provided, among other things, that plaintiff had a floating interest in defendant’s inventory, accounts receivables, cash, chattel paper, equipment and general intangibles. Asserting that…