Corporate Vigilance and the Veil
Birchwood-Manassas Assocs., LLC v. Birchwood at Oak Knoll Farm, LLC “Equity aids the vigilant, not those who sleep on their rights.” The Supreme Court of Virginia affirmed this oft-stated maxim in Birchwood-Manassas Assocs., LLC v. Birchwood at Oak Knoll Farm, LLC, No. 141195, 2015 Va. LEXIS 76 (Va. June 4, 2015). There, the Court held that equitable tolling was not available, because neither manager conflicts of interest nor alleged breaches of fiduciary duty constitute an “extraordinary circumstance.” Birchwood-Manassas Associates LLC (“Birchwood-Manassas”) was formed to own, develop, and sell real estate. Ronald J. Horowitz and Burton Haims were Birchwood-Manassas’s managers, with […]




