Firm founder Richard A. “Dick” Sayles and a trial team of attorneys from Shamoun & Norman and Kelsoe Khoury Rogers & Clark won a unanimous verdict in a complex and contentious lawsuit involving the redevelopment of the former Collin Creek Mall property in Plano. The June verdict involved claims by 13MC, the developer, against residential developer Megatel Homes LLC, and included counterclaims and third-party claims by Megatel. The 12-0 verdict came after only three hours of deliberation in favor of 13MC, an affiliate of Centurion American, Mehrdad Moayedi, the CEO of Centurion American, and VM Fund, which provided $122 million in financing for development.
Mr. Sayles represented VM Fund, Gregory Shamoun represented 13MC while Stephen Khoury represented Mr. Moayedi.
The jury found that Megatel had waived a right of first refusal agreement to purchase the property from 13MC by breaching its contract, meaning the redevelopment can continue and lots under contract with other homebuilders can be conveyed. The verdict also found against Megatel on its counterclaims and third-party claims for breach of contract, tortious interference, alter ego, and fraudulent transfer under the Texas Uniform Fraudulent Transfer Act.
“This decision clarifies the ownership rights and is an overwhelmingly positive event for the development of the property,” says Richard A. Sayles of the Sayles Law Firm, attorney for VM Fund, which provided financing. “We’re gratified by this prompt and decisive win for our clients, and what this signals for the future of Plano and Collin County. Gregory Shamoun and Stephen Khoury tried this case in exemplary fashion. I was honored to be aligned with them.”
