BECK-FORD CONSTRUCTION, LLC, et al., Plaintiffs, v. TCA GLOBAL CREDIT MASTER FUND, LP, et al., Defendants., 240 F. Supp. 3d 1256

Summary

HOLDINGS: [1]-Under both Nevada and Florida law, the broad release and waiver provisions in the agreements barred all of plaintiffs' claims that contained allegations of defendants' misconduct, which occurred prior to the execution of the second credit agreement; [2]-The only claim that remained for the court's consideration was a claim of breach and bad faith under the second credit agreement, which contained allegations pertaining to defendants' conduct that occurred subsequent to the second credit agreement's execution; [3]-Plaintiffs failed to state a plausible claim for a breach of the second credit agreement because, under the terms of the agreement, one of the defendants maintained the sole and absolute discretion to transfer the net amount of the lockbox to one of the plaintiffs, and plaintiff failed to plead that it was entitled to the net amount from the lockbox.