Jeffrey John Ervine is a former partner at Excis Capital.
2000 Jeffrey J. Ervine was employed at Asset Alliance. His employment was terminated and the case was resolved through arbitration. Asset Alliance Corp. v. Ervine, 279 A.D.2d 365, 719 N.Y.S.2d 247.
2006 Jeff Ervine's former boss was Adam Sender, an SAC alum. Excis use to manage over $1 billion in assets but the amount fell precipitously after Mr. Adam Sender, Mr. Jeffrey Ervine aka Jeffrey John Ervine, Jeffrey J. Ervine, were accused of being part of a group that targeted a Toronto based Canadian insurer, Fairfax Financial Holdings Ltd. In that suit, Fairfax alleged that Excis and its principals were part of a group that targeted the Toronto company in a alleged short-selling scheme. A New Jersey State Court judge dismissed the suit against Exis and Mr. Sender in 2012.
Jeffrey J. Ervine, Jeffrey John Ervine, and his wife Eileen M. Patrick were sued in the United States District Court for the Western District of Pennsylvania for contract, fraud and unjust enrichment. Joseph Patrick v. Eileen M. Patrick and Jeffrey J. Ervine. Case No. 2008-CV-01494.
This was a family dispute where Eileen and Jeff were alleged to have pilferred from their brother/brother-in-law. The Court rejected Eileen Patrick and Jeff Ervine's counterclaim for $27 million. Eileen M. Patrick v. Joseph Patrick III, Case No. 2008-CV-450 (Western District of Pennsylvania).
Parties Disputed Nature of Business Investment, Sale
SUMMARY:
RESULT: Verdict-Defendant
Award Total: $0
The jury found in favor of the defendant.
EXPERT WITNESSES:
ATTORNEYS:
Plaintiff: Melissa J. Tea; K&L Gates LLP; Pittsburgh, PA (Eileen M. Patrick); Richard M. Asche; Litman, Asche & Gioiella, LLP; New York, NY (Eileen M. Patrick)
Defendant: Joseph F. McDonough; Manion, McDonough & Lucas; Pittsburgh, PA (Joseph Patrick III); Raymond P. Parker; Williams Coulson Johnson Lloyd Parker & Tedesco, LLC; Pittsburgh, PA (Joseph Patrick III)
JUDGE: David S. Cercone
RANGE AMOUNT: 0
STATE: Pennsylvania
COUNTY: Not Applicable
INJURIES: The plaintiff sought to recover damages in excess of $27 million, as well as interest.
Facts:
In July 2002, plaintiff Eileen M. Patrick, of Pittsburgh, and her husband, both investment bankers, were approached by EileenPatrick's brother, Joseph Patrick III, who offered the couple an investment opportunity in International Specialty Alloys Inc. (ISA), which Joseph Patrick had owned in equal parts with David Bestwick since 1996. The firm was in the business of processing metals for use in the aerospace and electronics industries.
At the time, ISA was a struggling corporation with good prospects but no earnings record. Eileen Patrick and her husband mortgaged their home, loaned the company money and personally guaranteed all of the company's debt. Although Eileen Patrickput up all of the funds necessary to buy out Bestwick's 50-percent interest, Joseph Patrick received a portion of Bestwick's stock with the result that followed the July 2002 purchase; Joseph Patrick owned approximately 65 percent of the outstanding shares, andEileen approximately 35 percent. In March 2007, Joseph Patrick sold ISA to Kennametal Inc.
Eileen Patrick alleged that Joseph Patrick sold ISA for a price which was approximately 3.5 times the per share price that JosephPatrick had paid to Eileen Patrick, and that Joseph Patrick had pocketed over $47 million in commissions. In addition, JosephPatrick received at least 60 percent of the proceeds on ISA's sale of the Singapore business for approximately $17 million, received a lucrative five-year employment agreement with ISA's purchaser and the right to receive $10 million in post-closing compensation.
Eileen Patrick sued Joseph Patrick, asserting fraud, breach of contract and breach of fiduciary duty.
Plaintiff's counsel argued that, as a result of the defendant's misconduct, the plaintiff was induced to sell to the defendant and another insider her approximately one-third interest in the corporation at a price substantially below its true value.
Defense counsel argued that the defendant was a good steward of the investment made by his sister and brother-in-law and gave them an opportunity to cash out at more than an $11 million gain, while Joseph Patrick took on much more risk for his investment in ISA. While the external financial markets and the internal growth of ISA allowed the plaintiff and her husband to sell at an enormous profit, it turned out that the continuation of positive developments in the financial markets and some new opportunities at ISA allowed the defendant to sell for a higher price. Additionally, the plaintiff's claims of fraud and breach of fiduciary duty were barred by statutes of limitation, asserted counsel.
The defense argued that the plaintiff's damages were wildly inflated even assuming liability were to be established.
ALM Properties, Inc.
U.S. District Court, Western District of Pennsylvania, Pittsburgh
Exis Capital Management Reviews
Jeffrey John Ervine is a former partner at Excis Capital.
2000 Jeffrey J. Ervine was employed at Asset Alliance. His employment was terminated and the case was resolved through arbitration. Asset Alliance Corp. v. Ervine, 279 A.D.2d 365, 719 N.Y.S.2d 247.
2006 Jeff Ervine's former boss was Adam Sender, an SAC alum. Excis use to manage over $1 billion in assets but the amount fell precipitously after Mr. Adam Sender, Mr. Jeffrey Ervine aka Jeffrey John Ervine, Jeffrey J. Ervine, were accused of being part of a group that targeted a Toronto based Canadian insurer, Fairfax Financial Holdings Ltd. In that suit, Fairfax alleged that Excis and its principals were part of a group that targeted the Toronto company in a alleged short-selling scheme. A New Jersey State Court judge dismissed the suit against Exis and Mr. Sender in 2012.
http://www.wsj.com/articles/SB10001424052702303942404579360550785047372
2008
Jeffrey J. Ervine, Jeffrey John Ervine, and his wife Eileen M. Patrick were sued in the United States District Court for the Western District of Pennsylvania for contract, fraud and unjust enrichment. Joseph Patrick v. Eileen M. Patrick and Jeffrey J. Ervine. Case No. 2008-CV-01494.
This was a family dispute where Eileen and Jeff were alleged to have pilferred from their brother/brother-in-law. The Court rejected Eileen Patrick and Jeff Ervine's counterclaim for $27 million. Eileen M. Patrick v. Joseph Patrick III, Case No. 2008-CV-450 (Western District of Pennsylvania).
United States District Court, W.D. Pennsylvania.
Eileen M. Patrick v. Joseph Patrick III
No. 2:08-cv-00450-DSC
DATE OF VERDICT/SETTLEMENT: February 25, 2010
TOPIC: CONTRACTS - FRAUD - CONTRACTS - BREACH OF CONTRACT - PARTNERSHIP - BREACH OF FIDUCIARY DUTY - SECURITIES - SECURITIES FRAUD - FRAUD - INVESTMENT
Parties Disputed Nature of Business Investment, Sale
SUMMARY:
RESULT: Verdict-Defendant
Award Total: $0
The jury found in favor of the defendant.
EXPERT WITNESSES:
ATTORNEYS:
Plaintiff: Melissa J. Tea; K&L Gates LLP; Pittsburgh, PA (Eileen M. Patrick); Richard M. Asche; Litman, Asche & Gioiella, LLP; New York, NY (Eileen M. Patrick)
Defendant: Joseph F. McDonough; Manion, McDonough & Lucas; Pittsburgh, PA (Joseph Patrick III); Raymond P. Parker; Williams Coulson Johnson Lloyd Parker & Tedesco, LLC; Pittsburgh, PA (Joseph Patrick III)
JUDGE: David S. Cercone
RANGE AMOUNT: 0
STATE: Pennsylvania
COUNTY: Not Applicable
INJURIES: The plaintiff sought to recover damages in excess of $27 million, as well as interest.
Facts:
In July 2002, plaintiff Eileen M. Patrick, of Pittsburgh, and her husband, both investment bankers, were approached by EileenPatrick's brother, Joseph Patrick III, who offered the couple an investment opportunity in International Specialty Alloys Inc. (ISA), which Joseph Patrick had owned in equal parts with David Bestwick since 1996. The firm was in the business of processing metals for use in the aerospace and electronics industries.
At the time, ISA was a struggling corporation with good prospects but no earnings record. Eileen Patrick and her husband mortgaged their home, loaned the company money and personally guaranteed all of the company's debt. Although Eileen Patrickput up all of the funds necessary to buy out Bestwick's 50-percent interest, Joseph Patrick received a portion of Bestwick's stock with the result that followed the July 2002 purchase; Joseph Patrick owned approximately 65 percent of the outstanding shares, andEileen approximately 35 percent. In March 2007, Joseph Patrick sold ISA to Kennametal Inc.
Eileen Patrick alleged that Joseph Patrick sold ISA for a price which was approximately 3.5 times the per share price that JosephPatrick had paid to Eileen Patrick, and that Joseph Patrick had pocketed over $47 million in commissions. In addition, JosephPatrick received at least 60 percent of the proceeds on ISA's sale of the Singapore business for approximately $17 million, received a lucrative five-year employment agreement with ISA's purchaser and the right to receive $10 million in post-closing compensation.
Eileen Patrick sued Joseph Patrick, asserting fraud, breach of contract and breach of fiduciary duty.
Plaintiff's counsel argued that, as a result of the defendant's misconduct, the plaintiff was induced to sell to the defendant and another insider her approximately one-third interest in the corporation at a price substantially below its true value.
Defense counsel argued that the defendant was a good steward of the investment made by his sister and brother-in-law and gave them an opportunity to cash out at more than an $11 million gain, while Joseph Patrick took on much more risk for his investment in ISA. While the external financial markets and the internal growth of ISA allowed the plaintiff and her husband to sell at an enormous profit, it turned out that the continuation of positive developments in the financial markets and some new opportunities at ISA allowed the defendant to sell for a higher price. Additionally, the plaintiff's claims of fraud and breach of fiduciary duty were barred by statutes of limitation, asserted counsel.
The defense argued that the plaintiff's damages were wildly inflated even assuming liability were to be established.
ALM Properties, Inc.
U.S. District Court, Western District of Pennsylvania, Pittsburgh
PUBLISHED IN: VerdictSearch weekly, V&S 06-01-10
2010-2015
Works in charity and investment.