Judge Karas thoroughly dissects the plaintiff’s derivative and other claims in Cordts-Auth v. Crunk, LLC, No. 09-CV-8017, 2011 U.S. Dist. LEXIS 109600 (S.D.N.Y. Sept. 27, 2011).
A lender took an assignment of a 25 interest in an LLC in exchange for the lender's cancellation of the LLC's debt, but the lender was never admitted as a member.