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LA DEVELOPERS v. DEPARTMENT OF LICENSING

No. 358656.

13 N.W.3d 879 (2023)

347 Mich. App. 48

LA DEVELOPERS, LLC, and David Byker, Petitioners-Appellees, v. DEPARTMENT OF LICENSING AND REGULATORY AFFAIRS—CORPORATIONS, SECURITIES, AND COMMERCIAL LICENSING BUREAU, Respondent-Appellant.

Court of Appeals of Michigan.

Decided May 18, 2023, 9:15 a.m.

Attorney(s) appearing for the Case

Smith Haughey Rice & Roegge, Grand Rapids (by E. Thomas McCarthy, Jr., John R. Oostema, and Jonathan B. Koch) for petitioners.

Dana Nessel, Attorney General, Ann M. Sherman, Solicitor General, and Brien Winfield Heckman and Scott A. Mertens, Assistant Attorneys General, for respondent.

Mika Meyers, PLC, Grand Rapids (by Daniel J. Broxup) and Dylan White for the North American Securities Administrators Association, Inc., Amicus Curiae.

Before: Shapiro, P.J., and Letica and Feeney, JJ.

Petitioners LA Developers, LLC, and David Byker issued promissory notes to repurchase investors' interests in petitioners' condominium development when the project was not progressing as planned. After petitioners failed to make payments on the promissory notes, an investor filed a complaint...

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