Unless Congress extends the program, it runs through the end of March. ITRIA VENTURES LLC VS BOUGIE BAKES LLC, ET AL. On February 22, 2023 a Commercial - Contract case was filed by Itria Ventures Llc, represented by Gitlin, Jonathan S., against Aaron Reid, Sentient Decision Science, Inc., represented by in the jurisdiction of Kings County. Biz2Credit facilitated the production of documents and information from Lotus Exim to Provident and in some cases provided the requested information directly to Provident (id., 31). This browser does not support PDFs. According to the complaint, Itria provides to businesses funding that it advertises and markets as future receivables purchases that a customer is responsible for paying back through some of its future revenue. Biz2Credit's Due Diligence Materials reflected approximately $14,000,000 in accounts receivable owned by Lotus Exim (id., 32). The complaint claims Itria required Abdul to personally guarantee both loans. You acknowledge and understand that Itria Ventures, a Funder that provides a variety of financing products, is an affiliate of Biz2Credit. PROVIDENT, Court:SUPREME COURT OF THE STATE OF NEW YORK NEW YORK COUNTY PART IAS MOTION 53EFM, INDEX NO. 2/19/2020, 2020 N.Y. Slip Op. Itria Ventures LLC, formed in March 2014, is a Delaware limited liability company headquartered in Delaware. Following the commencement of the bankruptcy proceedings of Lotus Exim and its affiliates, however, Itria took the position that each of Lotus Exim's locations was in fact a separate entity with its own separate accounts receivable and that Lotus Exim did not actually own any inventory or accounts receivable (id., 190-191). With respect to Mr. Arora in his individual capacity, he is alleged to have personally pressured Provident, orally and in writing, to extend funding to Lotus Exim, claiming that Provident would lose Lotus Exim's business if it did not oblige, and to have furthered the scheme by pretending to assist Provident as an intermediary between Provident and Lotus Exim while secretly engaging in self-dealing to the detriment of Provident (Third-Party Compl., 149, 157). The flood receded when New York courts stopped accepting electronic filings in nonessential matters on March 23. Apr 26, 2022 Date of Initial Action: 12/30/19. Civil No. Here, Provident alleges that the Itria Parties' conduct consisted not simply of omissions but of active concealment of critical information and affirmative misrepresentations of material fact. Mr. Arora and Corey Falkin, an employee of Itria, acting as representatives of Biz2Credit, introduced Lotus Exim to Provident (id., 28). Why is this public record being published online? 14. To the extent that the Itria Parties argue that Provident's allegations in a related proceeding brought in New Jersey Superior Court which alleges that Provident relied on independent auditors and field examiners in connection with its due diligence review for the Lotus Exim line of credit preclude Provident from alleging in this case that it reasonably relied on the Itria Parties, this argument likewise fails. For instance, the filings can be entered without a hearing or review by a judge. Date of experience: January 10, 2023. To wit, Provident alleges that Mr. Arora and his companies, Itria and Biz2Credit, were directing Lotus Exim not to deposit the funds into the Provident account but to deposit them into the 1975 Account so that Itria could receive the proceeds (id.). In addition, Provident alleges that the Itria Parties actively and intentionally concealed the existence of the 1975 Account, so that Itria could continue receiving payments from Lotus Exim without alerting Provident to the ongoing relationship between Itria and Lotus Exim. Section 9-332 of the New York Uniform Commercial Code (the NY UCC) provides: "[a] transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party" (NY UCC 9-332 [a]). Yolanda Orozco in Department 31 Stanley Mosk Courthouse, Complaint; Filed by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); Ariel Goldenstein (Defendant), Summons on Complaint; Issued and Filed by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); Ariel Goldenstein (Defendant), Civil Case Cover Sheet; Filed by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); Ariel Goldenstein (Defendant), Notice of Case Assignment - Unlimited Civil Case; Filed by: Clerk. When they reached $70,000 a month, he had trouble paying his vendors. "They're all capitalizing right now on the virus," a beleaguered borrower said, "and saying they are there to help you.". Filings Lawsuits Personal Injury Hot Topics Federal Court Legislation State Court Asbestos Contracts Medical Discipline Reform . UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. The complaint alleges that the companies offer "future receivables purchases" rather than loans, but that they renege on terms of the financing, charge usurious interest rates, and engage in racketeering. "The FTC has to seriously look at rules that ban some of the most extortionate clauses in these loan contracts," he said, adding that the FTC is prepared to "go after some of the loan sharks and their lawyers who run lawsuit mills that are filing some of these sham collection actions.". Polyethylene Film / PE Sheet The court, however, disagrees. In its third cause of action, Provident alleges that the Itria Parties conspired to induce Provident to extend the line of credit to Lotus Exim and to continue advancing funds to Lotus Exim by, among other things, providing materially false due diligence materials to Provident (Third-Party Compl., 143, 144). ITRIA VENTURES LLC, BIZ2CREDIT INC., RAMIT AURORA Plaintiff, v. PROVIDENT FINANCIAL SERVICES, INC., CHRISTOPHER MARTIN, DONALD BLUM, SHARON BENDER, ARTHUR MCCRAY, PKF O CONNOR DAVIES LLP, COST REDUCTION SOLUTIONS, MICHAEL ALBANESE, DENISE ALBANESE, TIGER CAPITAL LLC, MANDELBAUM SALBURG PC Defendant. Mr. Arora directed Biz2Credit to connect Lotus Exim with Provident to secure financing to Lotus Exim to satisfy the Pre-2017 Senior Lenders and ensure that Itria would be paid on its Pre-Closing FRSAs (id., 27). The case status is Disposed - Other Disposed. ClassAction.org is a group of online professionals (designers, developers and writers) with years of experience in the legal industry. Questions Post Question ADDITIONAL LINKS Post Question For This Company Contact Us Regarding Your Company Profile All Companies Named Itria Ventures LLC Search All New York Companies Biz2Credit, an affiliate of Itria, is a broker that assists businesses in applying for and obtaining financing ( id ., 2). Cancellation and Refund Policy, Privacy Policy, and "We have no intention of pursuing this matter at the present time," Feldman wrote. Hurt bad," one text said. Shortly after NBC News spoke with Arora, Itria withdrew its court actions against Lone Spur and other small businesses, court records show. Disposition: Judgment; Judicial Officer; MOYE', ERIC; Judgment Type; NON-SUIT/DISMISSAL BY PLAINTIFF / PETITIONER; Judgment; Total Judgment:; of $0.00; Awarded To:; ITRIA VENTURES, LLC; Awarded Against:; ITRIA VENTURES, LLC, NOTICE OF DISMISSAL FOR WANT OF PROSECUTION; Comment: MAILED, DispositionDisposition: Judgment; Judicial Officer: MOYE', ERIC; Judgment Type: NON-SUIT/DISMISSAL BY PLAINTIFF / PETITIONER; Judgment: Total Judgment:; of $0.00: Awarded To:; ITRIA VENTURES, LLC: Awarded Against:; ITRIA VENTURES, LLC, DocketDISMISSAL FOR WANT OF PROSECUTION; Judicial Officer: MOYE', ERIC; Hearing Time: 2:00 PM; Cancel Reason: CASE CLOSED, DocketNOTICE OF DISMISSAL FOR WANT OF PROSECUTION; Comment: MAILED, DocketCITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: ADEEL MEMON, DocketCITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: MAFHH DISTRIBUTOR #1 LLC, DocketCITATION; Unserved: Anticipated Server; ESERVE: Anticipated Method; Comment: NEW WORLD WHOLESALE INC, FinancialFinancial info for ITRIA VENTURES, LLC : CREDIT CARD - TEXFILE (DC); Receipt # 83073-2021-DCLK; ITRIA VENTURES, LLC $316.00, FinancialFinancial info for ITRIA VENTURES, LLC : Transaction Assessment; ; $316.00, FinancialFinancial: ITRIA VENTURES, LLC ; Total Financial Assessment $316.00 ; Total Payments and Credits $316.00, Riverside County Superior Courts | Contract | The only source of capital he could find was from merchant cash advance companies. The merchant cash advance companies often demand that borrowers also pay attorneys' fees, which can be 25 percent to 33 percent of the balance due under a borrower's agreement, documents show. ITRIA VENTURES LLC A DELAWARE LIMITED LIABILITY COMPANY, RETAIL MANAGEMENT SOLUTIONS INC. A DELAWARE CORPORATION, 5/19/2022: Notice of Rejection - Post Judgment, 5/20/2022: Notice of Rejection - Post Judgment, 5/26/2022: Notice of Rejection - Post Judgment, 5/31/2022: Abstract of Judgment - Civil and Small Claims, 5/2/2022: Notice of Rejection - Post Judgment, 5/4/2022: Writ of Execution - WRIT OF EXECUTION (SAN FRANCISCO ), 1/7/2022: Notice of Rejection - Post Judgment, 1/11/2022: Writ of Execution - WRIT OF EXECUTION (LOS ANGELES), 10/6/2021: Request for Entry of Default / Judgment, 10/15/2021: Notice - NOTICE NOTICE OF ENTRY OF DEFAULT JUDGMENT, 11/17/2021: Proof of Service (not Summons and Complaint), 11/17/2021: Declaration Pursuant to 585 CCP in Support of Default Judgment, 11/17/2021: Request for Entry of Default / Judgment, 11/29/2021: Minute Order - MINUTE ORDER (CASE MANAGEMENT CONFERENCE), DocketAbstract of Judgment - Civil and Small Claims; Issued by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff), DocketNotice of Rejection - Post Judgment; Filed by: Clerk, DocketWrit of Execution (San Francisco ); Issued by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); County: San Francisco, DocketWrit of Execution (Los Angeles); Issued by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); Ariel Goldenstein (Defendant); County: Los Angeles, DocketNotice of Entry of Judgment; Filed by: Itria Ventures LLC, a Delaware limited liability company (Plaintiff); As to: Kompugard, Inc., a California Corporation (Defendant); Retail Management Solutions, Inc., a Delaware Corporation (Defendant); Ariel Goldenstein (Defendant), DocketOn the Complaint filed by Itria Ventures LLC, a Delaware limited liability company on 07/23/2021, entered Order for Dismissal with prejudice, does 1-50, DocketUpdated -- Certificate of Mailing [Notice of Case Management Conference filed on 07/26/2021]: Name Extension: [Notice of Case Management Conference filed on 07/26/2021]; As To Parties: removed, DocketAddress for Jason S. Takenouchi (Attorney) updated, DocketCase Management Conference scheduled for 11/29/2021 at 09:00 AM in Stanley Mosk Courthouse at Department 31, DocketNotice of Case Management Conference; Filed by: Clerk, DocketCase assigned to Hon. "Now, more than ever, alternative lending is going to be needed by small businesses," said Shane Heskin, a lawyer at White and Williams, who represents Indelicato of North River Outfitter and other merchants against direct lenders. North River Outfitter in Beacon Hill, Mass., is owned by Jason and Alice Indelicato. The Pre-Closing FRSAs authorized Itria to withdraw payments from Lotus Exim directly from a designated bank account (id., 16). ITRIA VENTURES LLC, Plaintiff, v. PROVIDENT BANK, Defendant. On March 23, Kayla Kight, a server at a Lone Spur in Prescott, Arizona, told NBC News that hers was the only restaurant in the group open for business and that it was just providing takeout. Co. of New York, 98 NY2d 314, 326 [2002]). SUPREME COURT OF THE STATE OF NEW YORK NEW YORK COUNTY PART IAS MOTION 53EFM. Before commenting, please review our comment policy. Kalamata sued Biz2Credit and Itria for, among other things . Five years ago, the merchant cash advance industry financed around $8 billion for small businesses. ), "If you don't send money to me today you're done," said a recent text shared by a business owner. The plaintiff, InvenTel.TV, who is involved in the development, production, sale, marketing and distribution of consumer products, alleges Itria, as a pattern and practice, knows at the time it sends contracts to customers that the agreements are fraudulently and intentionally misleadingly named and described.. POPBAND LIMITED, A LIMITED LIABILITY COMPANY REGISTERED IN ENGLAND VS ARIEL GOLDENSTEIN, ET AL. Small businesses sued by Itria included a builder's company in Minnesota, a grocery in South Carolina, a Holiday Inn Express in Wyoming and a barbecue joint in Alabama, court filings show. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. According to the terms of the Pre-Closing FRSAs, Lotus Exim granted Itria a first priority, continuing security interest in 100% of Lotus Exim's future receivables, inventory, and other assets, and Lotus Exim was prohibited from selling, assigning, pledging, or transferring any of its receivables to any other party until Itria was paid in full for all funding provided to Lotus Exim (id., 13, 14). They are filed without a business' knowledge; merchants often learn about them when they try to pay their employees and find their accounts blocked, the lawyers say. A New Jersey-based direct-response television marketing company alleges in a proposed class action that Itria Ventures has engaged in a number of fraudulent practices with regard to loans and other transactions. Fraud and Civil Conspiracy The Itria Parties argue that the fraud claim and civil conspiracy to commit a fraud must be dismissed because (i) the allegations against the Itria Parties amount to omissions (i.e., passing along information from the borrower - Lotus Exim - which may have been false), and omissions cannot give rise to a claim for fraud absent a special relationship and there was no such special relationship between the Itria Parties and Provident, (ii) as a sophisticated party, Provident cannot establish justifiable reliance, and (iii) civil conspiracy is not recognized as a separate cause of action in New York. Pre-Closing FRSAs authorized Itria to withdraw payments from Lotus Exim directly from a designated bank account (,. By a judge, 98 NY2d 314, 326 [ 2002 ] ) filings Lawsuits Personal Injury Hot Topics Court! Receded when NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK courts stopped electronic. 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