Currency Corp. v. Wertheim CA2/1

BACKGROUND

This is the second appeal in this matter, and the facts have not changed since our last ruling. As before, we take them from a voluminous record containing several pleadings, the declarations of various interested persons, and the record of a three-day arbitration hearing. Parviz Omidvar is the founder, owner and CEO of Currency Corporation (Currency), a lender, and Tiffany Ventures, LLC (Tiffany), which engages in real estate transactions. Currency loans money to persons who own rights to royalty income payable by such entities as the American Society of Composers, Authors and Publishers (ASCAP) and Broadcast Music Inc. (BMI). The loans are typically secured by the borrower‟s royalty income. Omidvar‟s two adult sons, Oliver and O‟Neil Omidvar, participate extensively in this business. (Omidvar, Currency, Tiffany, Oliver and O‟Neil are collectively the Omidvar parties.) David Pullman is the owner of Wertheim, LLC and the founder and CEO of Structured Asset Sales, LLC (collectively the Pullman parties). Pullman has negotiated with several of Currency‟s borrowers for assignment of their claims against the Omidvar parties.

2 Maibell Page, born in 1941, is the widow of…