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KINGSTOWN CAPITAL MGT. L.P. v. CPI PROP. GROUP, S.A.

Index No. 153862/20. Appeal No. 15890. Case No. 2021-01696.

205 A.D.3d 467 (2022)

167 N.Y.S.3d 92

2022 NY Slip Op 03064

Kingstown Capital Management L.P. et al., Appellants, v. CPI Property Group, S.A., et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided May 5, 2022.

Attorney(s) appearing for the Case

Boies Schiller Flexner LLP, New York ( Matthew L. Schwartz of counsel), for appellants.

Hogan Lovells US LLP, New York ( Seth M. Cohen of counsel), for respondents.

Concur—Gische, J.P., Kern, Oing, González, Scarpulla, JJ.

In 2012, plaintiff Kingstown Capital Management L.P. acquired an interest in ORCO, a Luxemburg-based real estate development company. Plaintiffs allege that through a series of corrupt and fraudulent transactions, defendant Radovan Vitek, a Czech Republic citizen, obtained a majority stake in ORCO, which he restructured to form defendant CPI Property Group S.A. (CPIPG), and Kingstown was ultimately forced to sell its shares in ORCO at a substantial loss. As a result, plaintiffs...

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