Wellspring Capital Management Fund Manager Website www.wellspringcapital.com Fund Category Private Equity Close Date 0000-00-00 Fund Family Wellspring Capital Partners Native Currency USD Fund Manager's Location 605 Third Avenue 44th Floor New York, NY 10158 United States +1 (212) 000-0000 Fund Domiciles Canada at 613-14. In considering what choice of law provisions to apply, the Fourth Circuit stated: The Court notes that there is a specific fraudulent conveyance section of the Bankruptcy Code. [Amended Complaint, 37, 40]. 101 (32). 2100 Geng Road, Suite 210 Palo Alto, CA 94303. Jan. 30, 2023). (Compl. However, whether a fraudulent conveyance action is characterized as a tort action is unsettled. New York law prohibits both actual and constructive fraudulent conveyances. Wellspring Capital Management is an American private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. 6. Defendant Wellspring Capital Management LLC is a Delaware limited liability company with its principal place of business at 390 Park Avenue, New York, New York 10022. Brought up in a family enjoying long-term success in real estate investment, Avrohom instead turned to the stock market. July 5, 2017). Total number of employee profiles an organization has on Crunchbase, Total number of Crunchbase contacts associated with this organization, Descriptive keyword for an Organization (e.g. The parties are in agreement that New York and South Carolina law regarding negligent misrepresentations are substantially similar and that as a result, the Court is not required to engage in a choice of law analysis as to the third cause of action. to hinder, delay, or defraud either present or future creditors." 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Wellspring Capital, Mr. Carles, and Mr. Johnson were not insiders of AcuSport, and the amended complaint does not allege that they had any special knowledge or information about AcuSport that was not available to the public. Nor is it necessary for the Court to decide whether New York or South Carolina law applies under South Carolina's choice of law principles. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. 91], Andrew Kupchik [Docket No. An action with multiple causes of action was commenced by Prospect Capital Corporation in South Carolina state court and was removed to this court on September 6, 2019. Headquarters Location Lever House 390 Park Avenue New York, New York, 10022, United States The Firm takes pride in its ability to marshal its resources quickly and focus on the issues that matter, resulting in speed and certainty during the acquisition process. By teaming up with strong management, Wellspring is able to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. endstream endobj startxref UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Ronald J. Friedman, as the trustee for the SportCo Creditors' Liquidation Trust, Plaintiff, v. Wellspring Capital Management, LLC, Wellspring Capital Partners IV, L.P., WCM Genpar IV, L.P., WCM Genpar IV GP, LLC, Alexander E. Carles, Bradley Johnson, F. Hewitt Grant, Charles E. Walker, Jr., Todd Boehly, Bernard Ziomek, and Andrew Kupchik, Defendants. Bill Dawson is taking time off from his $2.2 billion private equity firm Wellspring Capital Management, which will investigate the claims of Dawson's threats, according to an internal memo. The Court also notes that, setting the other factors aside, given the extreme nature of the urgent tone of these emails, and the highly sophisticated status of Prospect, Prospect satisfying the justifiable reliance element of a negligent misrepresentation claim is questionable, at best. Try our Advanced Search for more refined results. Investors in its most recent fund include the Washington State Retirement System, Minnesota State Board of Investment, Connecticut Retirement Plans & Trust Funds, Kansas Public Employees' Retirement You can help Wikipedia by expanding it. Wellspring Capital Management is a middle-market private equity financing firm. The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. These emails may be a lot of things, but negligent misrepresentations they are not. W.D. PLEASE NOTE: A verification email will be sent to your address before you can access your trial. 8h`6$67Xn@,`& Litigation. Active, Closed, This describes the type of investor this organization is (e.g. A second amendment to the Loan Agreements (the "Second Amendment") was executed on September 30, 2014. Sounds like a tidy deal at year end [2017] made a lot of sense." And the best part of all, documents in their CrowdSourced Library are FREE. It identifies undervalued companies whose share price does not properly reflect the true value of the business. At all times relevant to these claims, Wellspring Capital controlled (a) Wellspring Capital Partners THE RISK OF LOSS IN TRADING COMMODITY INTERESTS CAN BE SUBSTANTIAL. On March 7, 2013, the Borrowers entered into a First Amendment to the Loan Agreements (the "First Amendment"), pursuant to which Prospect loaned the Borrowers an additional $60 million. Phone: 650 729-8626. Because the Court dismisses the complaint as to all other defendants, the Court sua sponte dismisses the causes of action against Mr. Ziomek as well. Wellspring Capital Management is an American private equity firm focused on leveraged buyout investments in middle-market companies across a range of industries. Their most recent investment was on Jan 1, 2020, when Steele Solutions raised Certain state securities regulatory authorities have similar exemptions based on . In King County, the court considered suits by investors seeking to recover losses incurred after the collapse of a structured investment vehicle. Discretionary portfolio management with a difference, Make your investment with Wellspring Capital Management. UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA. Law360 takes your privacy seriously. Tenn. 1991); 11 U.S.C. REGISTRATION STATUS . San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. We charge a minimal base fee and the rest is performance fees we generate for clients and not on the amount of capital clients allocate. [cV3ljHkT/bx @A,20p1 ks 2007) (citations omitted). Div. I Shall [Not] Be Released: Wellspring, Director Releases, breached their duty of care, since the directors refused to reasonably maximize corporate value by killing the restructuring on account of releases/indemnity (, breached their duty of loyalty, since they placed their own self-interests above those of their fiduciaries [. The court must construe the allegations in the complaint in the light most favorable to the plaintiff. As we here at Ropes & Gray look back on 2021 and ahead into 2022, we call your attention to the lessons of Friedman v. Wellspring Capital Mgmt., LLC (In re SportCo Holdings, Inc.), Case No. . Wellsprings objective is to bring partnership, experience and value creation to each investment. For purposes of South Carolina law, the parties disagree whether Prospect was a preexisting creditor or a subsequent creditor. The Wellspring Defendants asserted all of these arguments and also asserted failure to state a claim under section 550 against certain defendants. WELLSPRING CAPITAL MANAGEMENT LIMITED is registered in England and Wales under Company Number 12429146, PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. In Cyrus II, the court also acknowledged that the Fourth Circuit has found otherwise and determined that state choice of law rules should be used in bankruptcy cases. Asia Pacific; EMEA; Latin America; UK Solicitors; UK Bar; United States Id. Id. Mr. Friedman filed an amended complaint the same day. View Videos. 91], F. Hewitt Grant [Docket No. Additionally, the plaintiff argues that the third element of New York's third-party beneficiary test is not met because there is no express intent in the Loan Agreements or the Amendments to compensate the defendants in the event the distributions were not paid and in fact, the Loan Agreement indicates the opposite by virtue of the inurement clause found in Section 13.1. 90], Alexander E. Carles [Docket No. Wellspring Capital Management is a leading middle-market private equity firm headquartered in New York. Ellett achieved high sales and revenues and had significant operations until sometime in 2016, when its profits began to decrease. Wellspring partners with highly qualified and motivated senior management teams, actively working together to unlock a companys potential by providing ongoing financial, strategic and operational support. from 8 AM - 9 PM ET. The South Carolina Supreme Court stated that New York law would govern the validity of the transfer before it, unless applying New York law would result in a violation of South Carolina public policy. 915 0 obj <> endobj The defendants' motions to dismiss are granted. Fund VI brings the firm's assets under management to more than $4.4 billion. Accordingly, Wellspring did not find that the defendants in fact breached their duties, but rather held that the plaintiff, a litigation trust, had asserted a viable claim that could proceed to a trier of fact. Since its founding in 1995, Wellspring has raised over $4 billion of initial capital commitments through . The Court now issues this order, granting the motions to dismiss for the reasons set forth below. Relevant here: the plaintiff/litigation trust alleged that SportCos directors: Finally, the litigation trust also asserted a variety of other counts in its complaint related to other facts, circumstances, and actions that are not the subject of this Alert. Wellspring Capital Management is a leading private equity firm headquartered in New York. Wellspring Capital and the D&O Defendants grossly and recklessly mismanaged the business and carried out their respective roles in a manner that was devoid of reasonable inquiry and diligence in dereliction of their fiduciary duties to Prospect as a creditor of the increasingly insolvent enterprise. Haynsworth Sinkler Boyd, P.A. %PDF-1.5 % A former employee of Wellspring Capital Management filed a lawsuit in a New York Thursday alleging that the CEO's son, Christopher Dawson, drugged and repeatedly raped her one night in the. The firm's objective is to bring partnership, experience and value creation to each investment. 93], and Bradley Johnson [Docket No. Wellspring Capital Management is a leading private equity firm headquartered in New York. The amended complaint is dismissed. Limited partners include leading pension funds, endowments, fund of funds and family offices from the U.S., Europe and Asia. Oil Producers Hand $128 Billionto Investors as Doubts Grow About Future of Fossil Fuels, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows, Italys CDP Is Nearing Offer for Telecom Italia Network. In June 2019, SportCo and its subsidiaries (the "Debtors") filed chapter 11 bankruptcy cases in the United States Bankruptcy Court for the District of Delaware. PLEASE SEE THIS LINK FOR FULL DISCLAIMER: https://www.wellspringcapital.co.uk/disclaimer. In early 2018, Wellspring Capital notified SportCo's secured lenders that SportCo would default on a $4.7 million interest payment due in the second quarter of 2018. Home; About Us; Investment Approach. 609, 614 (Bankr. Its success is based on a portfolio that, since inception in 2014, has delivered double digit returns on an annualised basis. E-mail: sandra@wellspring-cap.com; Videos. If you do not agree with these terms, then do not use our website and/or services. Follow along as he lays out the blueprint for his career, and takes us all the way from his first sketch to his thriving personal brand, Spunge. The parties disagree on what law should applyfederal or state, and further if state law applies, New York or South Carolina. Flipbooks. Please see our Privacy Policy. Charles E. Walker, Jr. argued in support of dismissal due to lack of a triggering creditor based on Prospect's secured status, failure to state a claim under New York law due to lack of insolvency, on equity grounds because Prospect failed to obtain a personal guaranty from Mr. Walker and because the distributions were specifically contemplated by the loan transaction, and due to failure to state a claim for fraudulent conveyance under South Carolina law. Todd Boehly filed a joinder to the Wellspring Defendants' motion to dismiss. The Firm also has a long history of collaboration with entrepreneurs and closely held businesses to achieve outsized growth, with a large percentage of our portfolio companies being transitioned from founder ownership. The principal and lead portfolio manager at Wellspring Capital is Avrohom Neumann. & Loan Ass'n v. Hirschfeld, 476 N.Y.S.2d 292 (N.Y. App. Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. Particularly where negotiations may involve releases, indemnification, or similar provisions, be advised that the ever-present tendency for counterparties to exercise 20/20 hindsight is fully in effect. 1994)). In 2008, Wellspring Capital, through its fund Wellspring Capital Partners, acquired Ellett. . In fact, the amended complaint states that the distributions at issue here were made in October 2012 and March 2013. They are simply not statements of preexisting fact that were false when made. v. Trimble Navigation Ltd., 484 F.3d 700, 705 (4th Cir. There are different definitions of insolvency. D.S.C. 1991) (unpublished table decision). A free inside look at Wellspring Capital Management salary trends based on 22 salaries wages for 17 jobs at Wellspring Capital Management. The amended complaint also details numerous emails sent by Mr. Carles and Mr. Johnson to a representative of Prospect, urging Prospect to defer its right to payment in the event of a default. The District Court discussed the South Carolina Supreme Court's decision in Sheldon v. Blauvelt, 29 S.C. 453 (1888). In particular, the bankruptcy court held that the allegations failed to support a conclusion that the SportCo directors were somehow acting on an uninformed basis or that the rejection of the out-of-court restructuring was grossly negligent. Therefore, the plaintiff argues that he is only required to establish constructive fraud. Cases involving other matters not classified elsewhere, 890, 1890, 1990, 2890, 2899, 2999, 3375, 3890, 3896, 3899, 3999, 4890, 4896, 4999, Wellspring Capital Management, LLC; Wellspring Cap v. Barry, III et al. endstream endobj 916 0 obj <>/Metadata 258 0 R/Pages 913 0 R/StructTreeRoot 384 0 R/Type/Catalog>> endobj 917 0 obj <>/MediaBox[0 0 612 792]/Parent 913 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 918 0 obj <>stream @S1 $82N+ZJ | 2009). articles a month for anyone to read, even non-subscribers! There are no allegations in the amended complaint that the debtors' liabilities exceeded their assets at the time of the transfers. Wellspring Capital Management LLC Chief Executive Officer Bill Dawson has taken a leave of absence, days after a former employee alleged in a lawsuit that he threatened her for accusing his. We look forward to carrying forward that vision and continuing our success in the years ahead.". The defendant represented to the plaintiff, and to an appraiser who performed an appraisal of the garage, that the parking garage had 500 parking spaces. Designed By, https://www.wellspringcapital.co.uk/disclaimer. Under either New York or South Carolina law, the plaintiff's third cause of action for negligent misrepresentation fails to state a claim for which relief can be granted. Since its founding in 1995, Wellspring has raised over $4.0 billion of initial capital commitments through . Whether youre building capital for your family, retirement or other life goals, we can help you with our high conviction and disciplined investment style. S.D. In Wellsprings view, the extent to which releases might have benefitted SportCo (as opposed to benefiting the directors alone) was at least in part a question of fact that could not be resolved on a motion to dismiss. A social media content creator signed an agreement with Birchbox in May of 2022 and hadn't been paid the $2,500 due as of Jan. 24, despite several emails to the company. About Wellspring Capital Management Wellspring Capital Management is a leading private equity firm headquartered in New York. Id. [Amended Complaint, 54]. It is not intended as and should not be construed as financial, investment, tax, legal, regulatory, or other advice. Copyright 2023 Ropes & Gray LLP. Wellspring Capital, through defendants Mr. Carles and Mr. Johnson, allegedly represented to Prospect that: (1) Ellett could purchase assets of AcuSport for $14.8 million; (2) the purchase would result in the Debtors' capturing 20% to 30% of AcuSport sales; (3) the Debtors could acquire $14 million of AcuSport inventory at a substantial discount; and (4) Ellett would immediately realize a $7 million profit on the sale of the inventory acquired in the purchase. They were not statements of presently existing fact. Founded in 1995, Wellspring Capital Management is a private equity firm headquartered in New York, New York. The plaintiff does not dispute that the amended complaint does not plead actual fraud, and it clearly does not. Accordingly, Wellspring reinforces the importance of disinterested governance and arms length dealing in connection with the restructuring process. We see how Bembury is able to walk the line of business convention while taking his art to new heights, turning ordinary items into extraordinary footwear. The defendants argue that New York law should apply, first, because the Loan Agreements and the First and Second Amendments contain choice of law provisions stating that New York law will apply and second, because South Carolina choice of law analysis dictates that New York law should apply. As with the plaintiffs assertions around disinterested governance, such allegations may (or may not) bear any semblance to the actual facts. Wellsprings investment professionals possess diverse and complementary backgrounds that combine valuable experience in private equity, restructuring, corporate finance, capital markets and corporate law. The case status is Pending - Other Pending. Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business. [4] Wellspring completed fundraising on its sixth fund in 2018 with $1.45 billion of investor commitments as a successor to its $1.2 billion 2011 Fund V.[3], Wellspring focuses on the packaging, healthcare, niche manufacturing and distribution sectors.[5][6]. Munich, by far the largest city in southern Germany, lies about 30 miles (50 km) north of the edge of the Alps and along the Isar River, which flows through the middle . [Amended Complaint, 32]. The plaintiff responds that Prospect is a preexisting creditor because the distributions were not made until after Prospect became a creditor when the Loan Agreements and the Amendments were signed. hbbd``b`u@IHEX 3X "2A`V @B'Hl``bdV8 2h Using a sophisticated network of for-profits, shell corporations, and consultancies, Wellspring has poured out an incredible $1.1 billion into nonprofits, most of which is hidden from prying eyes in donor-advised funds. The court considered whether the plaintiff had proved the tort of innocent misrepresentation. The District Court in Ashmore for Wilson stated: The parties' arguments regarding what law applies to the plaintiff's fraudulent conveyance claims present some complicated and novel questions; however, it is not necessary for the Court to decide whether the defendants are third party beneficiaries of the Loan Agreements or the Amendments. Wellspring CEO Bill Dawson is taking a leave of absence, the firm said Tuesday Last week a shocking lawsuit was filed against his son Christopher It claims he drugged and violently raped and. The emails, often using colorful language and harassing tones, essentially represent to Prospect that if the AcuSport transaction is not completed, Prospect will not get paid on its obligations. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. Business Restructuring, . at 382. In this process, SportCo initially exchanged a term sheet with certain of its lenders in early November 2018 and allegedly reached an agreement in principle in late December 2018. The adviser's REGISTRATION status is listed below. A former Wellspring Capital Management employee filed a lawsuit against the son of Wellspring chief executive Bill Dawson, alleging that he raped her and that Bill Dawson threatened to. 962 0 obj <>stream at 382. Wellspring also rejected in cursory fashion the defendants argument that it is not necessarily a breach . Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. The amended complaint does not allege that either Ellett or SportCo was insolvent at the time of the transfer or became insolvent as a result of the transfer. These tools have been used since the firm's inception in 1995 to generate consistent business improvement in its portfolios. Broker-Dealers Business & Commercial Litigation Business Restructuring California Consumer Privacy Act Capital Markets Capital Solutions & Private Credit Charitable Foundations China Life Sciences Committee on Foreign Investment in the United States (CFIUS) Consumer Protection and Advertising Law Corporate & Securities Litigation Fax: 877 376-7003. 24. ), Create custom alerts for specific article and case topics and, I took a free trial but didn't get a verification email. Marlow v. Oakland Gin Co. (In re The Julien Co.), 128 B.R. Despite that agreement in principle, it was alleged in relevant part that: Unable to agree on the release and indemnification issue, SportCos out-of-court restructuring failed, and SportCo defaulted on its funded debt shortly thereafter. From October 2017 to April 2018, Mr. Carles and Mr. Johnson sent numerous emails to representatives of Prospect, attempting to induce Prospect to agree to forego exercising its rights in the event of a default. After the defendants filed replies, the Court held a hearing on June 18, 2020. At Wellspring we pride ourselves on client service. We look forward to hearing from you. By teaming up with strong management, Wellspring is able to unlock underlying value and This approach has historically delivered returns well above inflation Our clients Password (at least 8 characters required). In Ashmore for Wilson, the District Court considered the question of how a fraudulent conveyance claim should be characterized for conflict of law purposes. 544(b). Please Update this case to get latest docket information. D. Del. There are also no allegations concerning expenses. 3d 341, 357 (D.S.C. Finally, although the plaintiff asserts that federal conflict of law principles should apply, he argues that even under South Carolina conflict of law rules, South Carolina law should apply. hb```e``jb`a`\ @1V h`2q:lp10qfaqB,X3s10iH(^t1 However, the Court has the discretion to sua sponte dismiss a complaint pursuant to Fed. Since its founding in 1995, Wellspring has raised over $4.5 billion of initial capital commitments through six private equity funds. Alexander Carles' and Bradley Johnson's arguments are limited to the negligent misrepresentation cause of action, the only cause of action asserted against them. 19.)1. James brought a civil suit against Trump in September, alleging the Trump organization had fraudulently inflated the value of . with actual intent . Wellspring targets investments with the following characteristics: R. Civ. Further, if the statement is solely a speculative prediction about some potential business venture or course of action being contemplated, it is not actionable. In Wellspring, the Delaware bankruptcy court held that an alleged duty of loyalty breach could survive a motion to dismiss where: Bear in mind that alleged is the operative word here. Tow v. Rafizadeh (In re Cyrus II P'ship), 413 B.R. The elements of a negligent misrepresentation claim under South Carolina law are as follows: Turning now to the present case, the third cause of action must be dismissed under either New York or South Carolina law because the statements that the plaintiff asserts constituted negligent misrepresentations were all statements regarding potential outcomes of a potential business endeavor; thus, they relate to future events and cannot form the basis of a negligent misrepresentation claim. Similarly, Merritt Dredging suggests that federal law would apply to a section 548 cause of action, but that state law should apply to fraudulent conveyance claims based on state law. Reputation Management. The complaint must provide more than mere "labels and conclusions, and a formulaic recitation of the elements of a cause of action will not do." 3d 473, 506 (S.D.N.Y. The origins of Wellspring Philanthropic Fund are shrouded. The firm, which is based in New York City, was founded in 1995 by Martin Davis and Greg Feldman. P. 12(b)(6). As discussed in Cyrus II, the Fourth Circuit has stated that a bankruptcy court should apply the choice of law rules of the state in which it sits. Wellspring has the flexibility to complete transactions ranging from $100 million to as much as $1.5 billion in total value in a wide range of industries. Please see our Privacy Policy. Investments Number of Investments 2 Wellspring Capital Management has made 2 investments. For the reasons set forth below, under the law of either state, the plaintiff's first and second causes of action must be dismissed. Corp. v. Twombly, 550 U.S. 544, 555 (2007)). 2016) (citing numerous cases, recognizing disagreement among courts regarding whether fraudulent conveyance action is a tort action); MainStreet Bank v. Nat'l Excavating Corp., 791 F. Supp. 930 0 obj <>/Filter/FlateDecode/ID[<6781EE974E7B2C4D9274E8F359D28E60>]/Index[915 48]/Info 914 0 R/Length 80/Prev 600062/Root 916 0 R/Size 963/Type/XRef/W[1 2 1]>>stream Ellett used $54,860,549.74 of the First Amendment loan proceeds to fund distributions to the Transferee Defendants. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. The firm functions as a strategic rather than tactical partner, providing management teams with top-line support, M&A experience and financial expertise, and access to resources. *aUQBT&1#J$8Q)=WE9M'v1s_)GG+.kbN;yELi.UD1N{f'u$y`'GCJfS;4yXwbW${%^tcxG2}+/P@U `a$b6? You can review interesting Flipbooks on my site. The company will explode Rich!" Id. Bill Dawson is taking time off from his $2.2 billion private equity firm Wellspring Capital Management, which will investigate the claims of . The amended complaint further states, "As recently as 2015, Ellett was the fifth largest private company in South Carolina and the largest distributor of firearms in the United States, with annual revenues of $750 million, over 350 employees nationwide, and 175 employees in South Carolina." The Wellspring ruling was not appealed, nor has any trial occurred on this matter. Financial terms of the transaction were not disclosed. Defendant Bernard Ziomek is in default in this matter. Wellspring Capital Management, founded in 1995, is a leading middle-market private equity firm that manages more than $3 billion of private equity capital. By Zachary Zagger (July 31, 2020, 9:56 PM EDT) -- Private equity firm Wellspring Capital Management LLC on Friday hit a slew of its insurers with a suit in New York state court alleging they must defend it against claims that it plundered millions of dollars from gun seller United Sporting Cos. Inc., which blamed its bankruptcy on Donald Trump's win in the 2016 election. Access to case data within articles (numbers, filings, courts, nature of suit, and more. R. Civ. Investment Philosophy; Target Investments; Portfolio REGISTRATION STATUS. Otherwise you cannot get paid." Time to Read: 6 minutes Founded in 1995, Wellspring invests anywhere . Munich, German Mnchen, city, capital of Bavaria Land (state), southern Germany.
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