The Courtyard files lawsuits to recover alleged missing money

LOVELAND — Legal entities connected with the ownership of The Courtyard of Loveland Senior Living LP and The Courtyard of Loveland Leasing LLC filed two lawsuits Monday in Denver District Court alleging that a management company and a leasing company contracted to operate the facility used Courtyard money for purposes other than for the Courtyard.

The companies and an individual sued are Grandtag Madison LLC, Cornerstone Longwood Leasing and Gary Langendoen.

Both companies are incorporated in Delaware and share an address at 3452 E. Foothills Blvd. in Pasadena, California. Langendoen is listed as a principal or registered agent with both companies. 

Langendoen, reached by telephone Tuesday, was unaware of the lawsuits. He did not respond to BizWest’s inquiries after multiple days.

In the case against Grandtag Madison, referred to as GT Madison in the lawsuit, The Courtyard alleges that GT Madison was general partner with The Courtyard and charged with day-to-day management. The Courtyard alleges that GT Madison used Courtyard money, as much as $1 million, for purposes that benefited GT Madison. The lawsuit alleges that GT Madison considered the money to be an interest-free loan, which The Courtyard said was not authorized. 

GT Madison repaid $896,000 but would not share financial records with the other partners of The Courtyard either when it was still managing the facility or after it was replaced, according to allegations in the lawsuit.

Similarly, in the other lawsuit, The Courtyard of Loveland Leasing LLC alleges that Cornerstone Longwood Leasing and Langendoen used Loveland Leasing money for Cornerstone purposes “in violation of fiduciary duties.” 

The second case alleges that Langendoen diverted $89,000 of Loveland Leasing money to Cornerstone and has repaid $25,000. Like the other case, financial records were not provided when requested. 

The lawsuits seek damages, penalties and attorney fees.

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