TAMPA, FL—Dr. Nucci’s Counterclaim filed in the Sixth Judicial Circuit Court in Pinellas County Seeks Damages in Excess of $10 Million for Bollenback & Forret, P.A.’s Failure to Properly Perform its Duties as Accountants
Dr. Robert Nucci (“Dr. Nucci”) and Xanderwee, 2007 purchasers of a controlling interest in the limited liability company that then owned the Tampa Bay Storm (“the Storm”), an Arena Football League (“AFL”) football team are alleging professional malpractice against Clearwater-based, Bollenback & Forret, P.A.
Bollenback began the litigation by suing Dr. Nucci and other businesses owned or controlled by Dr. Nucci to collect on claims for accounting services in an unspecified amount, but less than $50,000. In response, Dr. Nucci has denied any liability for the alleged nonpayment and filed a Counterclaim against Bollenback seeking more than $10 million in damages. The Counterclaim (CASE NO.: 2023-007728), filed on November 9, 2023 by Miami attorney Adam S. Hall in the Sixth Judicial Circuit Court in Pinellas County, Florida, alleges Bollenback & Forret, P.A. failed to perform its professional duties as accountants, costing his client ownership of the Tampa Bay Storm. As part of his counter-suit, Dr. Nucci also filed a third party complaint for successor liability against Maloney + Novotny, LLC a self described “Top 100” accounting firm headquartered in Ohio, which recently took over Bollenback’s business operations.
Dr. Nucci alleges that he engaged Bollenback to provide advice and analysis of the financial/tax issues with respect to Dr. Nucci’s purchase of an interest in the Tampa Bay Storm. Specifically, Bollenback was tasked determining the potential costs of ownership of the Storm for the length of time that Dr. Nucci would own the team. Dr. Nucci alleges that Bollenback did not have the experience necessary to perform the tasks requested in a
sports team acquisition transaction and that Bollenback failed to conduct any meaningful analysis of the AFL’s financial condition and accumulated losses and the Storm’s financial responsibility for its pro rata share of the losses.
After Dr. Nucci’s purchase of the Storm in 2007, the team played a single season under Dr. Nucci’s ownership. As a result of sustained economic losses, the AFL then suspended League play and ultimately filed for Bankruptcy, the result of which caused Dr. Nucci to lose his ownership of the team and caused his own filing of a bankruptcy petition. Dr. Nucci asserts that because Bollenback failed to: (a) perform any meaningful analysis of the financial condition of the AFL which was necessary in order to determine the costs of Dr. Nucci’s anticipated ownership of the Storm; (b) advise that it and Michael Bollenback were incapable of performing any such analysis given their lack of expertise in business acquisitions and specifically sports team acquisitions so that others could be retained to conduct the requisite analysis; and/or (c) engage in any effort to obtain AFL documents necessary to perform a proper analysis, Bollenback failed to ascertain that the AFL’s economic model was unsustainable and was at risk of failure.
Adam S. Hall commented: “A professional has a responsibility to tell his or her client when that professional does not have the experience to do the job requested and must refuse the assignment. Bollenback’s failure to reject the assignment and subsequent failure to properly assess the potential costs of Dr. Nucci’s ownership and determine that the AFL was at risk of imminent failure was the direct result of Bollenback’s lack of any experience in sports team acquisitions, which was then compounded by an improper and deficient financial analysis. The result was catastrophic to Dr. Nucci.”
###
The Hall Law Firm handles all types of high-level litigation cases, including complex corporate and business disputes, international issues, securities, intellectual property, partnership disputes, employment, real estate, and professional malpractice. As a boutique law firm, we offer an attention to detail and personalized legal services unmatched by our competitors. The firm’s Founder and Managing Partner, Adam S. Hall, has decades of experience as a commercial litigator. Hall is a complex commercial trial lawyer and advocate for victims of state-sponsored terrorism. In 2020, Hall made national and worldwide headlines after securing a $70 million settlement from the Republic of Sudan for victims of the U.S.S. Cole bombing by Al Qaeda. Our attorneys’ courtroom experience and understanding of complex issues that arise during litigation is a tremendous asset to our clients, while our size allows us to provide the personalized attention they deserve.
The post Accounting Firm Sued by Former Client for Cost of Ownership of the Tampa Bay Storm appeared first on Attorney at Law Magazine.