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Final judgment issued in Collin Creek Mall redevelopment case, upholding unanimous jury verdict for plaintiffs seeking to move forward with redevelopment plans
PLANO, Texas, August 20, 2024–(BUSINESS WIRE)–A final judgment has been issued in the high-profile lawsuit involving the redevelopment of the former Collin Creek Mall property in Plano.
The decision affirms a unanimous 12-0 jury verdict in favor of MM CCM 13MC, LLC; MM CCM 48M, LLC; Mehrdad Moayedi; and VM Fund I, LLC, which provided $122 million in development financing.
The case, tried by C. Gregory Shamoun and the team at Shamoun & Norman, Richard A. “Dick” Sayles of Sayles Law Firm and Stephen Khoury of Kelsoe Khoury Rogers & Clark, centered on claims by 13MC, the developer, against the homebuilder of residential Megatel Homes LLC and included counterclaims and third-party claims by Megatel against VM Fund, Moayedi and MM CCM 48M, LLC.
In June 2024, the jury unanimously found that Megatel had waived its right of first refusal to purchase the property from 13MC in breach of its contract. The decision, handed down after three hours of deliberation, dismissed Megatel's counterclaims and third-party claims for breach of contract, tortious interference, alter ego and fraudulent transfer under the Texas Uniform Fraudulent Transfer Act.
The Honorable Christine Nowak, 493 Presiding Judgest The Judicial District Court in Collin County entered a judgment of default against Megatel on all claims against 13MC, VM Fund, 48M and Moayedi.
The court awarded 13MC $1,073,387.50 in attorneys' fees, $600,000 in appellate fees contingent on possible future appeals, and court costs. The court also granted the VM Fund's request to divest Megatel of its interest in the property, thereby allowing the redevelopment project to proceed as planned, including moving portions under contract to other homebuilders.
“This final judgment vindicates our clients' rights and allows them to move forward with the redevelopment of the Collin Creek Mall site,” said C. Gregory Shamoun of Shamoun & Norman, counsel for 13MC and 48M. “We are pleased with the outcome of the trial and can now make progress on this important project for Plano and Collin County.”
Speaking to VM Fund, its lawyer Richard Sayles said: “This final judgment is an extremely positive outcome for the future of the Collin Creek Mall redevelopment and a great outcome for its investors.”
The final decision marks the culmination of a complex and contentious legal battle closely followed by the real estate and legal communities.
Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20240820171159/en/
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