LNV Corporation v. Outsource Services Management

SMITH, Chief Judge.

LNV Corporation sued Outsource Services Management, LLC (OSM) to recover its share of the sale proceeds of a promissory. note. OSM counterclaimed alleging that LNV owed OSM millions of dollars for loan advances that it paid for LNV’s benefit. OSM also asserted, as a defense to LNV’s suit, that LNV’s prior breach of contract excused OSM’s alleged breach. Additionally, LNV sued BF-Negev, LLC to recover its share of the sale of collateral under a separate agreement. BF-Negev, an OSM subsidiary, asserted that it was withholding LNV’s share as- a setoff against what LNV owed…