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Spiegel Legal LLC v. Asman

Court Rejects Transfer of Shares; Defendant Would Become Majority Shareholder

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Plaintiff Pro Se: Steven J. Spiegel of counsel, Spiegel Legal, LLC, Florida, NY. For Interpleader Defendants Steven Asman, Ruth Asman, and Jill Asman Wagner, and for purported third-party defendants, The Gustbuster, Ltd., Innoventions Enterprises, LTD., Raintamer, Ltd., and Uncle Sam’s Umbrella Shop of New York, Ltd. No appearance for interpleader defendant Jetline Holdings, LLC.¹: Pablo A. Fernandez and Spencer D. Shapiro of counsel, The Russell Friedman Law Group, LLP, Garden City, NY. The following e-filed documents, listed by NYSCEF document number (Motion 001) 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26 were read on this motion for SUMMARY JUDGMENT . DECISION ORDER ON MOTION This interpleader action concerns whether an escrow agent may (or must) release shares held in escrow under a promissory note and pledge agreement. Interpleader plaintiff, Spiegel Legal LLC, moves for an order directing it to release the escrowed shares to the holder of the promissory note, and for other related relief. The motion is denied. BACKGROUND In November 2017, several companies (The Gustbuster, Ltd., Innoventions Enterprises, Ltd., Raintamer, Ltd., and Uncle Sam’s Umbrella Shop of New York, Ltd.) executed a promissory note in favor of Jetline Holdings, LLC. (NYSCEF No. 2 at 10.) Under the note, Jetline would loan up to $3 million to the companies, to be paid back in installments; Jetline would receive 5 percent of the total common stock shares in the companies; and the companies would cause their shareholders, which include interpleader defendants Steven Asman, Ruth Asman, and Jill Asman Wagner, to put all their common stock shares in the companies into escrow. (Id. at 12, 13, 17,

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