Today's decision unequivocally confirms that Sitrick and his lawyers had no case here. This is a great victory for Ryan Kavanaugh because truth prevailed.
Los Angeles (PRWEB) April 20, 2010
In the ongoing and much publicized trial Kavanaugh vs. Sitrick (case #BC359968), on Friday, February 22, 2008, the Honorable Judge Chalfant, of the Los Angeles Superior Court, presented the highly anticipated ruling. He found in favor of Kavanaugh, namely that Sitrick is bound by the terms of his 2002 Settlement Agreement with Kavanaugh.
This case arose because Michael Sitrick breached a November 2002 Agreement he entered into with Ryan Kavanaugh. In the fall of 2006, he ran into Court, without notice to Mr. Kavanaugh, and obtained a TRO freezing all of Mr. Kavanaugh's assets and the assets of numerous third parties -- all based on a 2002 Judgment that had been released. The Appellate Court immediately overturned the initial Court's ruling and Mr. Kavanaugh sued Mr. Sitrick for breaching the settlement agreement. Sitrick then presented a new claim – specifically that he believed that Kavanaugh had breached a representation that the aggregated value of certain of his holdings did not exceed $100,000. Sitrick promised the Court (and the papers) "overwhelming recent evidence" which proved this. Today the Court found otherwise made a final decision against Michael Sitrick.
As stated by the Honorable Judge Chalfant in today’s Statement of Decision After Court Trial: "The court permitted Sitrick considerable leeway in pursuing discovery from Kavanaugh and from third parties in this case. This leeway permitted Sitrick to verify whether Kavanaugh was hiding assets when he made the 100k warranty. Yet, Sitrick has developed only evidence that Kavanaugh was truly indigent in November 2002. Thus, Kavanaugh made a fortune, lost it, and made another all before his mid-30's. This may say something about Kavanaugh's risk-taking, his acumen, or something else, but it is undeniable that he was impecunious at the time of the 100k warranty…Sitrick is bound by the November 2002 Agreement and may not execute the judgment against Kavanaugh."
Ryan Kavanaugh commented: "People encouraged me to settle this for the past few years, kept telling me it was a nuisance and a distraction. There was no way I was going to pay Mike and let him keep doing this to other people. I understand he has been involved in over 40 legal matters and uses the press as a litigation tactic, as he tried to here. I wasn't going to let it happen just as a matter of principle. Hopefully, this will teach him a lesson that justice in the end does prevail and that he can't keep using his money and press influence to bully people.”
Mr. Kavanaugh's attorney, Carol Genis, of Bell, Boyd & Lloyd in Chicago stated: "Today's decision unequivocally confirms that Sitrick and his lawyers had no case here. This is a great victory for Ryan Kavanaugh because truth prevailed."
Mr. Kavanaugh is represented by Carol Genis of Bell Boyd and Lloyd from Chicago and also used Tom Weiss and Matthew Kavanaugh (of Harris and Ruble). Mr. Sitrick was represented by Patricia Glaser and Mark Krum of the Christensen Glaser Firm.