1 Partner Sues 2 Others At Real Estate Partners

Thursday, November 14, 2013

One partner has sued the two others in the Real Estate Partners firm.

In the Chancery Court complaint filed by Gina M. Sakich, it was asked that Darlene Brown and Adelia Mosley be restrained "from taking any further action to harm the company by further violations of the terms of the company's operating agreement."

Attorney John Anderson asked that the realty firm, which focuses on downtown properties, be placed in receivership. He said attorney Rick Jahn Jr. should be named as receiver.

Chancellor Jeff Atherton denied the request based on a clause in the management agreement that says business disputes are to be handled by arbitration or mediation and not in the courts.

Attorney Bart Quinn, who represents Ms. Brown, said all of the allegations are unfounded and will be vigorously defended. 

The suit says Real Estate Partners was started by Ms. Brown and Belinda J. Winslett in December 2006. Ms. Winslett later transferred her interest to Ms. Sakich and Ms. Brown, leaving them with 50 percent each.

Each transferred five percent to Ms. Mosley.

The suit says Ms. Mosley has since sided with Ms. Brown, giving Ms. Brown effective control.

The complaint says in September, Ms. Winslett offered to purchase Ms. Sakich's 45 percent voting interest and half of her financial interest (22.5 percent) for $150,000, with $50,000 down and the balance over five years at 10 percent interest.

Ms. Sakich said she advised Ms. Brown and Ms. Mosley of the offer by letter.

The suit says she offered to sell her interest in the company to the other company members at the same price and the same terms as offered by Ms. Winslett.

The complaint says Ms. Brown then gave notice of a special company meeting for Sept. 30. Items on the agenda included payment for services as managing broker and election of managing broker as president. That meeting was called off along with one set for Oct. 4.

Ms. Sakich said she was advised on Oct. 23 by an employee of the company that Ms. Brown and Ms. Mosley had "engaged in a secret company retreat on or about Oct. 21 at an undisclosed location."

Ms. Sakich said the company has had such retreats in the past and all members have been involved.

She said she sent an email asking what was discussed at "the secret company retreat."

The suit says Ms. Brown responded by saying there would be a special meeting on Nov. 6. Ms. Sakich said she repeatedly requested an agenda, but was not given one.

Ms, Sakich said after she arrived at the special meeting she was given an agenda. Items included election of officer, duties of president, and payment of managing broker as well as marketing director's salary.

The complaint says it is believed that the defendants plan to install Ms. Brown as managing broker and compensate her "for alleged past services rendered in a position that currently does not exist within the company, and to subsequently move to elect Ms. Brown as president of the company."

The suit said the moves would create an environment that would discourage Ms. Winslett from purchasing Ms. Sakich's shares in the company.

It says the actions of the defendants amount to "a poison pill" intended "to make membership in the company abhorrent in an effort to devalue plaintiff's membership interests and prevent Ms. Winslett from purchasing the same, or to encourage plaintiff to sell her interests at an amount less than offered by Ms. Winslett."

It is also claimed that Ms. Mosley refused to provide to Ms. Sakich the password to the company email account.    



 

  


Randy Durham Chosen Tennessee Association Of Realtors President-Elect

Randy Durham, realtor, CRS, ePro, CDPE, leader of t he Randy Durham Team of Keller Williams Realty in Chattanooga, was elected 2015 president-elect for the Tennessee Association of Realtors (TAR) at the statewide association’s annual fall convention in Chattanooga. A 20-year realty veteran, Mr. Durham is a past recipient of the George Kangles Community Citizenship Award and ... (click for more)

Hawkins Ridge Above St. Elmo Part Of Stein Construction Property Up For Bid

Fifty five acres at Hawkins Ridge on a hill above St. Elmo is one of the nine properties owned by Stein Construction Company currently up for online bidding. There is currently a $30,000 bid on the property above Sunnyside Drive. The deadline for bidding is Tuesday at 3 p.m. Other properties include: 14 acres in Lookout Valley 31 acres in Lookout Valley 5 acres ... (click for more)

Linear Park Planned As Extension Of Walnut Street Bridge In Front Of Planned Boutique Hotel

A linear park that will be an extension of the Walnut Street Bridge public space is planned in front of a new boutique hotel at Walnut Street and Aquarium Way (Second Street). Mitch Patel of Vision Hospitality on Tuesday night told nearby residents that "the city pushed this idea of a linear park, and we agree that it is a great idea." He said the current situation in which ... (click for more)

Sharply-Divided City Council Approves Office Reorganization; Councilman Freeman Calls Move "Evil, Hellish"

A sharply-divided City Council on Tuesday voted 5-4 to completely reorganize the council office, leaving current staffers without a job down the road but with the option to reapply. Councilman Moses Freeman called the move "evil" and "hellish." He said, "We are punishing somebody on a personal level," though he said the office has been running smoothly. Saying the majority ... (click for more)

How To Reform The City Industrial Development Board - And Response (3)

My aims is to bring to the public’s attention the need for procedural changes that, if implemented, would significantly improve the information available the public, to the City Council and to the City Industrial Development Board about the verifiable benefits and costs of tax incentive financing structures and to make the entire process transparent. The public, the City ... (click for more)

Roy Exum: My October Garden

Hark! It is the first day of October and, as I make my monthly stroll through the garden, I find a growing numbers of leaves and acorns. Autumn leaves are beautiful while acorns are nuts, thus you will get the idea as we make our monthly awards: A PRETTY LEAF to Phil Hughes after the Minnesota Twins pitcher came within one inning of earning a $500,000 bonus this season. The deal ... (click for more)