Racing Investment Fund 2000 LLC was created in August 2000 to purchase, train, and race thoroughbred horses. The LLC ' s operating agreement provided for 50 membership units to be sold for an initial capital contribution of $ 100,000 per unit and allowed the LLC manager on an as-needed basis to call for additional capital from the members in order to pay operating, administrative, or other business expenses. Subsequently, the LLC failed to pay for insurance services provided by Clay Ward Agency, Inc. Clay Ward sued the LLC and its members and asked the court to require the LLC manager to make a call for additional capital in order to pay the debt to Clay Ward. Did the court order the call?

  • CreatedJuly 16, 2014
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