ESTATE OF TRUONG TRAN, Deceased (12/1785/G) — In this proceeding to determine the validity of claims against the estate of Truong Tran, the respondent temporary administrator moves for summary judgment dismissing the petition on grounds of res judicata and collateral estoppel. Petitioner cross-moves for summary judgment and seeks sanctions against the temporary administrator for bringing this motion. For the reasons stated here, the respondent’s motion to dismiss is granted, and the petitioner’s crossmotion is denied in its entirety.
The genesis of this dispute arises from a soured business deal between decedent, Truong Tran, and petitioner, Mac Truong. Decedent was a prosperous businessman in South Viet Nam before emigrating to the United States at the close of the Vietnamese conflict. His interests in South Vietnamese shipping companies Vishipco and Dai Nam (collectively “Vishipco Lines”) were nationalized by the new Vietnamese government. Decedent gave petitioner Mac Truong, then a law student in the United States, powers-of-attorney to seek compensation from the Vietnamese government for the loss of his interests in Vishipco Lines, in return for which petitioner would receive a portion of any recovered funds. Accordingly, petitioner successfully settled decedent’s claims with the government and, in 1986, using transfer licenses from the United States Treasury Department, transferred the settlement proceeds to accounts at Merrill Lynch, where they remained in the name of Vishipco Lines. United States Treasury Department Regulations (under the Trading with the Enemies Act) blocked access to the funds until 1995, at which time decedent and petitioner disagreed with the disposition of the now available funds. Petitioner unilaterally, and without decedent’s knowledge, transferred the funds to new accounts at Schwab, in his own name or names of his family members. Upon learning this, decedent revoked petitioner’s powers-of-attorney, and transferred the funds to new accounts. In light of the competing claims of decedent and petitioner, Schwab denied either access to the funds.
