Avery
Avery v. Tahmazian CA2/5
Opinion
Opinion
Mosk, J.
INTRODUCTION
Plaintiff and respondent David Avery (plaintiff) needed $16 million in financing to complete an indoor water park. To obtain that financing, he entered a Management Agreement Contract (MAC) with defendants Magnet Investment Group, LLC (Magnet) and Dino Awadisian (aka Vahak Awadisian)1 (Awadisian), Magnet’s “Managing Member,” pursuant to which plaintiff was to deposit $1 million in attorney defendant and appellant Jilbert Tahmazian’s (defendant) client trust account, and Magnet was to “reserve a Financial Instrument” with a minimum face value of $100 million. Plaintiff deposited $1 million in defendant’s client trust account, defendant released $979,940 to Magnet and retained $20,060 as a fee for his escrow services, and Magnet failed to reserve the financial instrument required by the MAC. Only $100,000 of plaintiff’s $1 million was returned to him. Plaintiff brought an action against Magnet, Awadisian, and defendant on various theories. In a court trial, the trial court ruled for plaintiff, awarding him $1,170,000. On appeal, defendant contends that the judgment is not supported by substantial evidence. We affirm.