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FILED: NEW YORK COUNTY CLERK 03/23/2017 05:49 PM
NYSCEF DOC. NO. 1

INDEX NO. 651533/2017
RECEIVED NYSCEF: 03/23/2017

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK
x

F&C 60 LLC,
Plaintiff.
:

- against -

Index No.

: COMPLAINT
R. DONAHUE PEEBLES,
THE PEEBLES CORPORATION, and
CIVIC CENTER COMMUNITY
GROUP BROADWAY MEZZANINE
Defendants.
x
Plaintiff F&C 60 LLC ("El Ad"), for its complaint against defendants R. Donahue
Peebles ("Don Peebles"), The Peebles Corporation ("Peebles Corp."), and Civic Center
Community Group Broadway Mezzanine LLC (the "Peebles JV Member" and together with
Peebles Corp. and Don Peebles, "Peebles"), alleges:
PRELIMINARY STATEMENT
1.

This action arises from Peebles's fundamental breaches of its fiduciary and

contractual duties to El Ad. As is now clear from Peebles's admissions and self-dealing, Peebles
caused El Ad to pay tens of millions of dollars to it in connection with El Ad's investment in
their joint venture, the purpose of which was to redevelop 346 Broadway in New York City (the
"Property") as a world-class condominium, when Peebles had no intention of redeveloping the
Property. Peebles has taken advantage of El Ad's good faith and financial exposure to
improperly extract from El Ad monies and other benefits to which Peebles in no way was
entitled. As a result, Peebles has improperly obtained more than $40 million from El Ad while
depriving El Ad of any value in the joint venture.

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