ORDER ON PLAINTIFF'S MOTION FOR TEMPORARY RESTRAINING ORDER
Nancy Mills, Justice, Superior Court
Before the court is plaintiff's motion for temporary restraining order. Expedited hearing was held on February 18, 2015. All parties were represented by counsel.
Because the parties had sufficient notice in this case, the court will treat the motion for a temporary restraining order as one for a preliminary injunction. See Clark v. Goodridge, 632 A.2d 125, 127 (Me. 1993) ("A hearing on a TRO may be treated as a hearing on preliminary injunction .. . when there is sufficient notice and when the parties are in a position to present evidence and legal arguments for or against a preliminary injunction.").
To grant a preliminary injunction, the court must find that the following four criteria are met:
(1) that plaintiff will suffer irreparable injury if the injunction is not granted,
(2) that such injury outweighs any harm which granting the injunctive relief would inflict on the defendant,
(3) that plaintiff has exhibited a likelihood of success on the merits (at most a probability; at least, a substantial possibility),
(4) that the public interest will not be adversely affected by granting the injunction
Ingraham v. Univ. of Me. at Orono, 441 A.2d 691, 693 (Me. 1982).
1. Irreparable Injury
'"Irreparable injury' is defined as 'injury for which there is no adequate remedy at law.'" Bangor Historic Track, Inc. v. Dep't of Agric, 2003 ME 140, 110, 837 A.2d 129 (quoting Bar Harbor Banking & Trust Co. v. Alexander, 411 A.2d 74, 79 (Me. 1980)). Economic injury by itself does not constitute irreparable injury. OfficeMax, Inc. v. Qwick Print, Inc., 709 F.Supp.2d 100, 113 (D. Me. 2010). A finding that money damages are available in the future "cuts heavily against a conclusion that the injury which would call forth such an award is irreparable in nature." CTC Comms., Inc. v. Bell Atlantic Corp., 14 F.Supp.2d 133, 146 (D. Me. 1998).
In this case, plaintiff argues that if the properties are liquidated, "RoDeb will be eliminated as a functional entity and it will be near-impossible to resurrect the business. Rod owns 49.5% of RoDeb and will therefore be seriously impacted by any disposition of RoDeb's assets that fails to maximize shareholder value." (PL's Mem. 6; PL's Reply Mem. 2.) Plaintiff argues further that defendant Frye's alleged misuse of corporate funds will irreparably injure the corporation and, therefore, plaintiff. (PL's Mem. 7.) These claims are compensable by money damages. See A.X.M.S. Corp. v. Friedman, 948 F.Supp.2d 319, 337 (S.D.N.Y. 2013) (finding that claims for breach of fiduciary duty, waste of company assets, and breach of contract "are classic money damages lawsuits").
2. Balance of Harms, Public Interest, Success on the Merits
The absence of irreparable harm precludes a grant of injunctive relief and dispenses with the discussion of the other three required showings noted in Ingraham. The court notes, however, that the harm to the defendants if enjoined from selling corporate real property will exceed any harm to plaintiff. A purchase and sale agreement for the Caribou property was signed by defendant ...