Lynne Liberato, Mark Trachtenberg and Anne M. Johnson in Law360: RE Investor Assails Ex-Partner's $42M Jury Award at Hearing

11/19/2012

A commercial real estate entrepreneur told a Texas appeals court Wednesday that a former business partner is not entitled to cash out an interest in debt-ridden projects that have never turned a profit, urging the panel to toss a $42 million jury verdict against him...

Arguing for Minnis, Anne M. Johnson rejected the idea that her client held any interest in the assets at the end of  the partnership, saying Citrin seized complete control of the properties and that Minnis’ carried interest only existed in Citrin’s “fictional world.” After Citrin was cut out of the partnership in 2007, Minnis’ multimillion-dollar interest steadily lost value as the economic crisis gripped the country, and Minnis was powerless to try and salvage it, Johnson argued.

“This idea that someday the ship is going to come in is not reasonable … and the jury didn’t buy it,” she said…

Minnis is represented by Jean C. Frizzell, John Scott Black and Billy Berryhill of Reynolds Frizzell Black Doyle Allen & Oldham LLP and Lynne LiberatoMark Trachtenberg and Johnson of Haynes and Boone, LLP.

Excerpted from Law360, November 19, 2012. To view full article, click here (subscription required).

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