2009AP2959 Seidls’ Mountain View Dairy LLC, et al. v. Seidl

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Corporations
LLCs; capital contributions

Mark Seidl and his brother, Alan Seidl, formed Seidls’ Mountain View Dairy, LLC, in 2002, and were its only members. Per the members’ operating agreement, Alan and Mark were required to maintain equal capital accounts. Any excess in one member’s capital account was treated as an obligation of the LLC to the member with the larger account.

Alan and the LLC brought suit after Mark converted $340,000 from the LLC’s checking account. Mark defended the withdrawal as an equalization of the members’ capital accounts. The trial court determined that Mark’s capital account exceeded Alan’s by $119,699.55. After deducting the $340,000 conversion, the court determined Mark owed the LLC $220,300.45.

Mark appeals the judgment, claiming the circuit court erroneously excluded multiple assets in its calculation of Mark’s capital contributions. He also claims the court erred in refusing to award interest on the excess of his capital account. Finally, he asserts the court erred by taxing him half the cost of a receiver appointed to manage the LLC during the litigation. We affirm. This opinion will not be published.

2009AP2959 Seidls’ Mountain View Dairy LLC, et al. v. Seidl

Dist III, Kewaunee County, Ehlers, J., Per Curiam

Attorneys: For Appellant: Wanezek, Warren, Green Bay; Daul, David D., Green Bay; For Respondent: Nesbitt, Randall J., Sturgeon Bay

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