Question: Thomas Banner assigned his voting rights and his right to
Thomas Banner assigned his voting rights and his right to receive distributions in the Hut at Avon, LLC, to Elizabeth Condo as part of a divorce settlement. When the other members of the Hut Group, Thomas Connors and George Roberts, learned of the unapproved assignment, they contacted Banner and expressed the view that the assignment violated the antiassignment clause of the operating agreement, which required the primary consent of all the members. After some negotiations, Banner agreed to sell his entire rights to Connors and Roberts for $125,000. Condo sued these members in court for the destruction of the value of the assignment. The LLC defended that the assignment was in violation of the operating agreement and thus was void. Decide. [Condo v. Connors, 266 P.3d 1110 (Colo. 2011)]
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