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.    



 

  


Methodist Group Plans 33 Homes On 16.8 Acres On Snow Hill Road

A Methodist group is planning 33 homes on 16.8 acres on Snow Hill Road. The proposal by Barry Kidwell, executive director of Mustard Tree Ministries, goes before the Planning Commission next Monday at 1 p.m. at the County Courthouse. The site at 9125 Snow Hill Road is owned by the Methodist Committee on Church Extension and Congregational Revitalization. The homes are to ... (click for more)

20 Women To Participate In Habitat's National Women Build Week Saturday

Twenty women comprising of Habitat for Humanity of Greater Chattanooga Area volunteers and Lowe’s Heroes employee volunteers will devote the day before Mother’s Day to help a mother build an affordable place she can call home on Saturday. This project is part of Habitat for Humanity’s National Women Build Week, which takes place April 30-May 8. The project also supports “Home ... (click for more)

1 Person Shot On Wilson Street On Wednesday Night

One person was shot on Wilson Street on Wednesday night. The incident was near Orchard Knob Avenue. A section of Roanoke Street near the shooting scene was blocked off, with multiple police units at the location. (click for more)

Woman Tells Of Having Shots Fired At Her When She Walked Into Disorder At South Germantown Road Apartment Complex

Officer Joel Gunn of the Chattanooga Police Department and a woman who was fired at after she walked into the scene of a shooting testified in court Wednesday concerning the shooting at the Chateau Royale Apartments on South Germantown Road on April 22. Coy Sims, 48, was arrested by Officer Gunn after police were called by residents of the apartment complex. On the night of the ... (click for more)

Thankful For The Vital Role Teachers Played In My Life

Re: Roy Exum: Teachers Day Tomorrow Roy, I am especially appreciative of your poignant column written in tribute to teachers.  It made me tear up, as I have encountered both as a student and a career educator-- teachers like the second-grade teacher who said, "I wish you were my little girl" and teachers like Mrs. Poindexter.   My teachers have played such a vital ... (click for more)

Roy Exum: The DA’s Cold-Case Quest

It is clearly a job nobody can do for over an hour or two, but Neal Pinkston, working in hand with precise professionals from the county’s auditing department, is intent on doing the right thing. As I watched a revolving team of four people at a time open and study envelopes of autopsy photographs on Tuesday, the scene would have made a fascinating television documentary. But ... (click for more)