The firm represented a real estate investor who had purchased property on behalf of a joint venture, putting his partner on title. When the partner failed to uphold her side of the agreement and, more importantly, began withholding property-generated income, the firm initiated a partition lawsuit to recover the investor’s investment and damages. The firm subsequently negotiated a favorable settlement to recover attorneys’ fees and collection costs, and transition the investor into the status of secured creditor.
Trouble persists, but perseverance pays off.
When the joint venture partner failed to make payment, foreclosure proceedings were immediately initiated. The firm again negotiated a favorable settlement which recovered substantial default interest, attorneys’ fees, and collection costs. It also included a restated secured promissory note with a limited term and a well-above-market interest rate. The former partner successfully paid off the loan and returned the investor significant profit on his initial investment.
Counsel: Jason R. Thornton and Thomas E. Diamond