When Nick Dou filed a lawsuit against Dan Liu and three Chinese corporations last week, he brought to light much more than one Chinese partner of Founders Group International, LLC suing other Chinese partners.
According to the lawsuit, Dou owns 10 percent of approximately 16 LLCs with one or more of three Chinese corporations owning the other 90 percent of each LLC. The parties primarily conducted business locally as Founders Group International, LLC.
Dan Liu appears not to have a direct ownership interest in any of the 16 LLCs, but rather acts as exclusive U.S. business agent for the three Chinese Corporations.
However, further research on business transactions involving one or more of the LLCs as well as the three Chinese corporations revealed that Liu now appears to hold mortgages on virtually all of the collective Founders Group International, LLC golf courses and development property in Horry and Georgetown counties.
Between February 2017 and May 2017, well over $100 million in promissory notes and mortgages were transferred to Dan Liu in a series of approximately 25 transactions recorded in Horry County.
Seventeen of the recorded transactions assigned promissory notes and mortgages from one or more of the three Chinese corporations for which Liu allegedly acted as exclusive U.S. agent to Liu. Papers for eleven of the transfers to Liu were signed on February 3, 2017 and recorded on February 10, 2017 and papers for the remaining six transfers were signed on April 28, 2017 and recorded on May 25, 2017.
The remaining transactions were preliminary assignment of promissory notes and mortgages so they could ultimately be assigned to Liu.