Judge Denies Vax Immune’s Leonard Weisman and Joaquin Altenberg Motion To Dismiss

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As mentioned in our previous coverage, it was found that proceedings against Joaquin Altenberg and Vert Solar Finance LLC “proved that Altenberg breached his fiduciary duty of loyalty” while managing a development fund — Vert Solar Fund I LLC — for midsized solar power projects. He also was found to have “engaged in self-interested transactions, and failed to prove that his actions were entirely fair.”

In May of 2021, the 11th District Court in Harris County, Texas, issued an order (the “Receivership Order”) designating Travis Vargo as a receiver to collect a judgment against Joaquin Altenberg. The court also ordered Joaquin Altenberg to turn over all of his non-exempt assets and established a charging order requiring any limited liability company served with the receivership order to pay any distributions due to Altenberg to Mr. Vargo.

In the past, Mr. Altenberg had testified under oath that he was a “significant owner” of Vax Immune. It was found that Vax Immune documents had also named Mr. Altenberg as CEO, CCO, and CFO. Vax Immune later disputed these claims, prompting Vargo to seek a declaration from the court establishing Altenberg’s membership in Vax Immune.