42:2B24(b). Evidently, Silberie remains on the school's Board, but he is not a member of ASUMA. Despite the gravity of this problem, Yusuf and Paulpillai essentially pointed fingers at Chilana, and sought to position themselves as blameless in the eyes of the teachers. On April 30, 2008, the trial court entered an order to show cause with temporary restraints. Yusuf subsequently appealed the final judgment to this court. Shortly before trial, on September 4, 2009, Silberie agreed to sell his interest in ASUMA to Chilana for the nominal consideration of one dollar. There is no inflexible test for determining fair value in business valuation disputes, which frequently become battles between experts. Balsamides v. Protameen Chems., Inc., 160 N.J. 352, 368 (1999); see also Lawson Mardon Wheaton, Inc. v. Smith, 160 N.J. 383, 397 (1999) (observing that [t]here is no inflexible test for determining fair value). It has not injured the interests of ASUMA, or the Foundation, or the medical school, or the fellow shareholder/members in any way whatsoever. This case involves what is termed the judicial dissociation of two shareholders in a New Jersey limited liability company, ASUMA, LLC (ASUMA or the LLC), through a final order expelling them from further involvement in the LLC's business. L. 2012, c. 50, 91, 95, and 96. According to Chilana's trial testimony, he had forgotten about Paragraph 7F in the Operating Agreement, requiring that either Yusuf or Paulpillai co-sign checks with him. (Wisconsin), PhD (Ibadan) (Professor) Dr. Joshua Owolabi, B.Sc. All Saints University offers three different medical programs for their students. Accelerated (4-6 Semesters) Nursing Deegree Program, Bachelor of Health Sciences (Diagnostic Medical Imaging), Bachelor of Health Sciences (Medical Laboratory Technology), DEANS AND ASSOCIATE DEANS (CLINICAL SCIENCES), Dr. Charlotte Jeremy-Cuffy, MD, MSc. The judge amplified his analysis of these particular issues later in his opinion, explaining why he had not dissociated defendants from the business instead of plaintiffs:15. Sign Up. 42:2B-1 to-70, since repealed, the judge ordered Yusuf and Paulpillai dissociated from ASUMA and paid fair value for their interests, which value was determined to be zero on the stipulated valuation date. However, on appeal, the parties do not challenge the trial court's finding that the agreement qualified as such under that statute..FN3. This website uses cookies so that we can provide you with the best user experience possible. However, the court noted in its opinion that the parties had stipulated to July 31, 2008, as the applicable valuation date..FN19. Finally, the claims that Chilana misappropriated corporate funds or things of value must be dismissed for lack of any credible facts in the record to support the allegations. 6, 18802 (2011). In the third and fourth year of the MD program, students become directly involved in the care and study of patients. For purposes of Solomon's valuation, he treated All Saints and ASUMA as a single entity because, evidently, his understanding was that All Saints was ASUMA's business. On November 20, 2008, Chilana filed an emergent application requesting the trial court to declare plaintiffs judicially dissociated from ASUMA, pursuant to N.J.S.A. You must be logged in and have enough Application Credits in Your 100. Budget must be prepared at least six weeks prior to commencement of a new semester. Ibid. The decision to sell shares must be voluntary. Those alleged breaches included the co-signing of checks by Chilana and Silberie in contravention of the Operating Agreement, as well as their actions in obtaining a charter authorizing a third medical school in Aruba. At that future time, the new statute will apply to all LLCs formed after its effective date and to any LLC that changes its operating agreement to implement the RULLCA's provisions. All Saints University School of Medicine Dominica Websites About Founded in April 2006 with 28 students, All Saints University Dominica (ASUDOM) now stands with a student body population of. FN4. The defendants Chilana and Silberie have not been shown to have engaged in any material misconduct which has adversely and materially affected the business of the LLC. Yusuf moved for reconsideration, reiterating his contention that we had determined in our 2012 opinion that the "Agreement between All Saints University of Medicine Aruba Foundation and Dr. Gurmit Chilana," which the parties treated as an operating agreement for ASUMA, barred a forced sale. That tribunal credited the Chancery judge's findings, and held that those findings established under Aruba law that plaintiffs had engaged in the (financial) mismanagement of All Saints, which justified their removal from the Board. All Saints is a university that educates doctors of medicine. ] In re Trust Created By Agreement Dated December 20, 1961, 194 N.J. 276, 284 (2008) (quoting Rova Farms Resort, Inc. v. Investors Ins. Joshua Yusuf is the Director and President of the academy and ensures the school is committed to providing high quality education leading to a Doctor of Medicine Degree (MD). In spite of the government's earlier commitment that no more than two such charters would be issued, it granted defendants' request and issued them the third charter in October 2008. 42:2B24 uses the key term shall, in providing that [a] member shall be dissociated from [an LLC] upon the occurrence of any of the following [specified] events[. 42:2B44 while being dissociated from the entity's management and operations. Meanwhile, Paulpillai, as Chief Administrative Officer, created the admissions criteria and recruited students. He did not use an asset approach because, although All Saints owned $230,000 in assets, the value here is as a going concern, not liquidation, and All Saints was losing money. Solomon also rejected a market value approach, which considers transactions that are similar, because he could not find sufficiently similar transactions. Co-plaintiff Paulpillai has not participated in the appeal, nor has co-defendant Silberie. He asserts that the valuation comprised an improper net opinion. The record strongly reflects that plaintiffs' refusal to inject capital into All Saints could have resulted in its collapse, had Chilana not singularly assumed that burden. Support Most iptv box. Yusuf does, however, retain the right to do so if he resigns pursuant to N.J.S.A. Paulpillai and Yusuf threatened to advise Smith Barney that checks signed by Silberie were NOT authorized by the board of ASUMA, which they understood would have serious implications.. Having gained Silberie's willingness to provide his signature, Chilana thereafter ceased sending checks to Yusuf and Paulpillai to co-sign. Go to study. In February 2008, plaintiffs sent a letter to Smith Barney on All Saints letterhead and, relying on their combined majority interest in ASUMA, directed Smith Barney not to honor checks signed only by Chilana and Silberie. [10][11], The 5 Year MD Program is designed for recent high school graduates seeking direct admission into the study of medicine. Chilana testified that, as of the time of trial, he had not been reimbursed for his emergency cash infusion..FN4. Deanna Gallant, Admission OfficerMs. ", The judge accordingly entered an order on December 17, 2013, modifying the prior judgment by declaring that Yusuf, having been dissociated from ASUMA since January 6, 2010, had since that date "only the rights of an assignee of a member's limited liability interest pursuant to N.J.S.A. Meanwhile, Chilana infused at least $250,000 in funds to All Saints since obtaining the other charter. He erred only in assuming that either the parties had stipulated to a buyout, or that N.J.S.A. (London) (Adjunct Professor)Dr. Andrii Puzyrenko, MD PhD (Kiev), Adjunct Associate Professor, Dr. Olugbenga Morebise, PhD (Ibadan), (Professor and Chair) Dr. Festus Adu DVM (Kiev), MSc. Kuhn, supra, 366 N.J. at 440. The Operating Agreement did, however, make clear that Board decisions required a unanimous vote of the directors. The trial judge had sound reasons for imposing the remedy of dissociation here, given the turmoil that led to the LLC and the medical school being pushed to the brink of failure. Copyright 2023 All Saints University, St. Vincent and the Grenadines, MD 4 Year Degree Program Curriculum Details, Bachelors in Public Health Program Application Tips, Rolling Admissions. Whether or not plaintiffs' conduct concerning the bank accounts was wrongful under subsection 3(a), the trial court clearly had a reasonable basis under subsection 3(c) to consider those confrontational actions as indicia that it would not be reasonably practicable for the company to carry on with plaintiffs continuing as members, in the wake of the school's financial crisis. 357, 381 (App.Div.2007), rev'd on other grounds, 196 N.J. 502 (2008), held that the appropriate valuation date in the event of dissociation is the date of the dissociation itself. Yusuf maintains that he and Paulpillai were justified in trying to prevent Chilana from co-signing checks solely with Silberie, which appeared to be in violation of the Operating Agreement. Solomon testified that Symeonides provided him with adequate backup for the numbers used. Privacy Policy, Congratulations! of Med. All Saints University seeks applicants with demonstrated strong drive and desire to succeed and who are able to focus on the compassionate and the humanitarian aspects of the medical profession. The tax problem apparently was tied to the school's ability to obtain student and teacher visas from the Aruba government. We note that the new statute uses similar, but not identical, provisions as the LLCA concerning dissociation by judicial order. Natural Med., Inc. v. N.J. Dep't of Health & Senior Servs., _ N.J.Super. We are mindful that the parties, apparently based upon off-the-record discussions that are not fully explained in the trial transcripts, stipulated to a July 31, 2008 valuation date for plaintiff's shares. Outpatient Locations. In addition, Chilana, who had already provided emergency funds to save the school, understandably would not inject more capital if plaintiffs were allowed to manage the venture going forward. Although the term shall usually conveys a mandatory sense, we recognize that it sometimes is meant to have a non-mandatory meaning. [A] judge sitting in a court of equity has a broad range of discretion to fashion the appropriate remedy in order to vindicate a wrong consistent with principles of fairness, justice and the law. Graziano v. Grant, 326 N.J.Super. Summit Sontakke MBBS, MD (Maharashtra), (Associate Professor) Dr. Enoch Adewara, MD (Dominica), (Instructor)Dr. Angelika Ivasenko, MD PhD (Lugansk), Adjunct ProfessorDr. At All Saints University College of Medicine, Saint Vincent and the Grenadines, we strive to foster an environment where our students feel supported academically, socially and emotionally. Although the record is murky on the point, it does not appear that the parties stipulated to a voluntary sale of shares in the event of judicial dissociation. None of the parties objected to this characterization of All Saints for purposes of the valuation. I appreciate you all for your work. All Saints University School of Medicine, Dominica (ASUDOM) is a private medical school located in the Caribbean. Chilana testified that, as of the time of trial, he had not been reimbursed for his emergency cash infusion. FN7. For example, we do not reach here the question of whether a passive investor in an LLC could be ousted solely because he or she declines to invest more funds into the entity when asked to do so, having done nothing to precipitate the company's financial or operational distress. Chilana intended to inject the capital necessary to sustain the school only if plaintiffs were dissociated. (Maharashtra), Associate Registrar (Records and Systems)Ms. Chantal Da Cruz, BA (Toronto), Assistant RegistrarMs. Chilana sought such emergent relief because All Saints required immediate capital to continue operating into the next semester. AUSSOM, the perfect medical college for students with a passion for medicine. According to Chilana, he acquired the charter with no intention to start a medical school unless All Saints failed, in which case the students and faculty would need a new medical school. 42:2B2. Cf. 42:2B-24b does not compel the sale of the shares of a dissociated member," All Saints Univ. Given this open question about whether or not a sale of plaintiffs' shares will be effectuated, it may be unnecessary for us to review the trial court's determination that plaintiffs' shares had no value as of July 31, 2008. at 46(e)(1)-(3). He requested injunctive relief, seeking to have the court authorize him to act solely on behalf of [All Saints].. Joshua Yusuf - All Saints University Dominica Author: Joshua Yusuf This author has written 17 articles > Joshua Yusuf Testimonials Dr. Chiamaka Eneh I want to thank the teachers at All Saints University, who helped in getting me to where I'm at. A:The reason being, although the school did have [$]230,000 of net assets at that time, it was going to need an infusion of about $550,000 over the next four or five years to sustain itself until it reached profitable levels. FN19. 42:2B24.1 (noting that the dissociated member has, subject to N.J.S.A. 2628-09, supra, slip op. 2425-13, supra, slip op. Account to Apply to any Schools At that future time, the new statute will apply to all LLCs formed after its effective date and to any LLC that changes its operating agreement to implement the RULLCA's provisions. in Chemistry with a minor . Yusuf and Paulpillai were authorized to sign checks on both accounts. Foreign (Non-National) Students Eligible: Details about the Pre-Med Program (if available): This field is for validation purposes and should be left unchanged. All Saints University is a private university in Uganda. Man Choi Chiu v. Chiu, 896 N.Y.S.2d 131, 132 (App.Div.2010) (in a situation where the operating agreement did not include a provision for expelling members from the LLC formed under New York law, the court dismissed the dissociation petition since the New York LLC statute, unlike New Jersey's LLCA, does not provide for judicial dissociation). and Financial Aid OfficerMrs. 1419, 1426 (N.D.Ind.1993), a case in which the United States District Court indicated that, had the partnership agreement not been breached, a partner's failure to contribute necessary capital made it not reasonably practicable for other partners to continue the partnership business with the defaulting partner. The university is one of the leading in the country, has modern support, is engaged in research work. Div. Id. The 4-year MD Program, 5-year MD program and lastly the B.S.C Medical Sciences program. I was presented with many opportunities that brought promising results. On Friday December 06 th, 2013 the students were officially presented with white coats which signaled their transition from completing the basic medical science phase of their Medical Doctor Degree programme. The judge also reasonably regarded defendants' procurement of the charter for another medical school as justifiable protective action in the event that All Saints collapsed. Joshua Yusuf is the Director and President of the academy and ensures the school is committed to providing high quality education leading to a Doctor of Medicine Degree (MD). a-2628-09t1 all saints university of medicine NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION DOCKET NO. Recent. The June 2007 directors' meeting ended with persisting conflict between Silberie, on the one hand, and Yusuf and Paulpillai, on the other. 42:2B39. Applicants must possess a high school/secondary school diploma or certificate All Saints University holds information seminars throughout the world. In particular, Solomon opined that the parties would need to provide additional equity contributions of $556,000, or the school would fail. Medical school can be demanding but our highly qualified faculty and staff care about your individual success. The order of final judgment is affirmed, subject to the caveat concerning the sale of plaintiffs' shares discussed in Part III of this opinion. 42:2B24(b)(3). ), certif. N.J.S.A. Solomon Karredula, MBBS (Nagarjuna), MD (Andhra), Associate ProfessorDr. ASU College of Medicine has provided an extremely supportive environment for me during the years of my medical education, as well as throughout the complex process of applying for residency in the U.S. Instead, Yusuf argues "that there should not have been a second remand regarding common law remedies," which he contends Judge Contillo considered and rejected at trial in 2009, and that "[t]he remedy of dissociation imposed by the trial judge in his decision of December 23, 2009, should have been affirmed.". FN1. In light of that clarification, it was unnecessary for the court to have determined a value for plaintiffs' shares, although we discern no error in the expert-based valuation that the trial judge adopted. The judge fairly concluded from the evidence that plaintiffs' claims of breach of duty, breach of contract, and misappropriation against defendants had not been sufficiently proven. It was not an easy road but their guidance and advice, Location Hillsborough Street Roseau, Commonwealth of Dominica. Meanwhile, in the paperwork submitted to Smith Barney, Chilana and Yusuf were designated as ASUMA's managing members.. On appeal, Yusuf fundamentally contests the trial court's denial of relief to him and Paulpillai and its grant of relief instead to defendants. ALL SAINTS UNIVERSITY OF MEDICINE, ARUBA, ASUMA LLC and RICHMOND. But no steps have been taken to make that theoretical possibility a reality. On May 27, 2010, the Aruba Court of First Instance issued a decision on Chilanaa petition. By consent order on June 10, 2008, the trial court vacated the temporary restraints and imposed new preliminary restraints delineating the rights and obligations of the parties to manage ASUMA and All Saints, pending trial. FN14. Work on the Warner Expansion is expected to continue in the course of the new year. For example, the Treasurer had the authority to manage All Saints's finances. As a transfer student during the COVID pandemic, ASU smoothed my transition and welcomed me very warmly. Chilana. We also note that the parties' respective briefs are inconsistent in their use of the Dr. title for the opposing litigants..FN1. On January 6, 2010, the court entered a corresponding final judgment dissociating plaintiffs from ASUMA and dismissing plaintiffs' complaint. Although the Operating Agreement bars shareholder(s) from buy[ing] out other shareholder(s), that provision is contained in the paragraph allocating shares to the parties in All Saints, but not in ASUMA..FN8. Given that situation, the trial court did not err by concluding that it would not be reasonably practicable to continue the business of ASUMA, i.e., operating All Saints, with plaintiffs continuing as members of ASUMA. Contact us. Valleywise Behavioral Health Center - Maryvale. Yusuf and Dr. They used MEERC to obtain a charter for such a school from the government of Aruba. The LLC in Fisk was in dire financial condition, with no reasonably practical means to operate its business, and had a deadlocked board of directors. 42:2B24(b)(3)(c) for dissociation. at 13; see Polidori v. Kordys, Puzio & Di Tomasso, 228 N.J.Super. All Saints University offers three different medical programs for their students. Weiner believed that the problem with this student predated Chilana's involvement in All Saints. Send an admissions form. By extension of the principle of freedom of contract articulated in the LLCA and in Kuhn, involuntary dissociation is a concept that LLC members may define for themselves, but only if they make their intentions to depart from the LLCA sufficiently clear. denied, 143 N.J. 328 (1996). [6][7] Dr. Terrence Marcelle is currently the Executive Dean of the university. Chilana again urged the others to adopt this solution by an e-mail sent the following day. He also had discussions with Glueck, Chilana, and Symeonides about All Saints. The final issue raised by Yusuf concerns the trial court's determination that his ownership interest in the LLC had no positive value as of the stipulated date of valuation, July 31, 2008. 42:2B24(b)(3)(c). Housing expenses usually vary between US$200 and US$450 per month depending on the type of apartment and whether it is single or double occupancy. Starting a career in medicine depends on solid foundation of information and knowledge acquired during your time in medical school. The judge reasonably declined to continue the status quo, given the precarious financial condition of All Saints, the fractured relationship of the LLC's members, Yusuf's denial of the school's financial problems, and his unwillingness to infuse more funds into the business. Id. Log in Upload File We invite you to join us to discover an All Saints Education and realize your dreams of becoming a great physician. Id. International Student Insurance (Click Here) provides various links that may assist you in your search for the right insurance plan. Ibid. 42:2B-24b does not compel the sale of a dissociated party's interest. On January 14, 2010, Chilana petitioned the Court of First Instance in Aruba to remove Yusuf and Paulpillai from the Board, relying on the Chancery judge's decision in this case. _____ Submitted December 5, 2011 Decided December 24, 2012 Read more at www.mcdlaw.us or www.newjerseybusinessdissolution . Moreover, the trial court's discrete factual finding that plaintiffs failed to provide adequate funding to the company is highly relevant to the subsection 3(c) analysis, and is amply supported by the record. Id. Given this delayed effective date, the change in the statutory scheme has no effect on the issues in the present appeal. Yusuf now appeals. The context here, involving a financial valuation expert relying upon the input of a company accountant and the company's principals, is fundamentally different. Lifestyle Expenses . Analytical Chemistry Laboratory 2. Following the trial, the court issued a written decision on December 23, 2009. He also changed the online method for students to pay their semester tuition to All Saints from PayPal to Google, because the Google system was substantially cheaper. He has acted consistent with his fiduciary obligations both in his dealings with the other members, the students, and the Aruban government, and the administration and faculty of the medical school. FN2. The judge rejected Chilana's argument that the court should order a forced sale as an equitable remedy for Yusuf's adjudicated breaches of his fiduciary duties and duty of loyalty. The trial court correctly observed that the Operating Agreement was silent about whether a member could petition for dissociation of another member under N.J.S.A. 2023 Copyright UMCAS. Although Yusuf and Chilana have professional degrees, we refrain, solely for stylistic reasons and without any disrespect, from referring to them as Dr. Given this delayed effective date, the change in the statutory scheme has no effect on the issues in the present appeal. Food expenses also vary depending on individual taste and habit. Joshua Yusuf is the Director and President of the academy and ensures the school is committed to providing high quality education leading to a Doctor of Medicine Degree (MD). Ibid. 42:2B24(b) does not use the term dissociation. That provision simply states in relevant part: Shareholder(s) cannot or shall not at anytime [sic] be compelled to give up or sell their shares for any reason. All students are required to obtain malpractice insurance prior to commencement of their clinical rotations. FindLaw.com Free, trusted legal information for consumers and legal professionals, SuperLawyers.com Directory of U.S. attorneys with the exclusive Super Lawyers rating, Abogado.com The #1 Spanish-language legal website for consumers, LawInfo.com Nationwide attorney directory and legal consumer resources. At time of the verified complaint's filing, the LLC's bank accounts were still frozen. I will never forget my first day in MD1 waiting for Histology class to start with Dr.Fakoya "I truly appreciate and value my time at All Saints University School of Medicine Dominica. 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