Charles So. T. Chea and Diana Chea v. Paul Poon, Jason Poon, Raymond Poon and Marine Foods Express, Ltd.

CourtCourt of Appeals of Texas
DecidedNovember 18, 2010
Docket14-08-01134-CV
StatusPublished

This text of Charles So. T. Chea and Diana Chea v. Paul Poon, Jason Poon, Raymond Poon and Marine Foods Express, Ltd. (Charles So. T. Chea and Diana Chea v. Paul Poon, Jason Poon, Raymond Poon and Marine Foods Express, Ltd.) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Charles So. T. Chea and Diana Chea v. Paul Poon, Jason Poon, Raymond Poon and Marine Foods Express, Ltd., (Tex. Ct. App. 2010).

Opinion

Affirmed; Memorandum Opinion issued July 29, 2010, Withdrawn and Substitute Memorandum Opinion filed November 18, 2010.

In The

Fourteenth Court of Appeals

NO. 14-08-01134-CV

Charles So. T. Chea and Diana Chea, Appellants

v.

Paul Poon, Jason Poon, Raymond Poon, and Marine Foods Express, Ltd., Appellees

On Appeal from the 152nd District Court

Harris County, Texas

Trial Court Cause No. 2006-47622

SUBSTITUTE MEMORANDUM OPINION[1]

Appellants/plaintiffs, former owners of a wholesale importation and distribution business appeal the trial court’s summary judgment in favor of the appellees/defendants, one of whom purchased most of the assets of one of the appellants’ companies at a foreclosure sale.  The record reflects that, in response to the appellees’ no-evidence summary-judgment grounds, the appellants failed to raise a genuine issue of material fact to preclude summary judgment as to their claims.  Accordingly, we affirm the trial court’s judgment.

I. Factual and Procedural Background

            Appellants/plaintiffs Charles So. T. Chea and Diana Chea, as owners of several different business entities, were engaged in the wholesale seafood importation and distribution business in Houston for many years.  One of the Cheas’ companies, American General Food Corporation (“American General”) had a $2 million line of credit (“Line of Credit”) from Texas First National Bank (“Bank”) secured by a security interest in most of American General’s assets, including inventory, equipment, and accounts receivable.  By the summer of 2002, the Cheas’ businesses were in financial distress, and they were in default on the Line of Credit.  On August 3, 2002, the Cheas entered into a contract (the “Contract”) with Paul Poon that contained the following salient terms:

1.      The parties will form a holding company probably in the form of a Limited Liability Partnership.  There will be two partners.  The first partner will be a corporation or a Limited Liability Company owned thirty percent (30%) by [the Cheas] and seventy percent (70%) by [Poon].  The entity will be named J.R.P. ENTERPRISES, L.L.P. and will be the real estate side of the business.

The second partner will be a corporation or a Limited Liability Company owned thirty percent (30%) by [the Cheas] and seventy percent (70%) by [Poon].  The entity will be named MARINE FOODS EXPRESS, L.L.P., which will be the part of the business that distributes and markets various wholesale food products to the restaurant and food markets.

2.      MARINE FOODS EXPRESS, L.L.P. will assume the note with TEXAS FIRST NATIONAL BANK which involves American General Food Corporation, Cheas, Inc. d/b/a Captain Charlie Seafood, [and] Great Ocean, Inc.  It will assume liability on the Two Million Dollars ($2,000,000.00) line of credit to TEXAS FIRST NATIONAL BANK and will include all accounts receivable, inventories, and all other fixed assets (equipment, furniture, fixtures, etc.).

3.      Accounts receivable and inventory will be verified by independent appraisers with a minimum of 1.5 million dollars in value.  If the value does not reach 1.5 million dollars then it will be worked out between [the Cheas] and [Poon].

4.      POON shall inject Five Hundred Thousand and No/100 Dollars ($500,000.00) in cash at the time of closing.  If necessary POON will inject another Four Hundred Thousand and No/100 Dollars ($400,000.00) by loan to MARINE FOODS EXPRESS, L.L.P. for additional capital.

. . .

6.      MARINE FOODS EXPRESS will pay DIANA CHEA Seventy Thousand and No/100 Dollars ($70,000.00) annual salary and ten percent (10%) of the net annual income as a bonus.  Fifty Thousand and No/100 Dollars ($50,000.00) will be advanced to DIANA CHEA paid monthly as prepaid annual bonus for the first year.  In any case [sic] the net income results in a bonus of more than Fifty Thousand and No/100 Dollars ($50,000.00) the company will pay the difference.  In any case [sic] the net annual income results in a bonus of less than Fifty Thousand and No/100 Dollars ($50,000.00) the amount over paid will be deducted from the next year’s bonus.  [The Cheas] will be directors of MARINE FOODS EXPRESS.

8.      TEXAS FIRST NATIONAL BANK must approve in writing all transactions that have any affect [sic] on existing notes and/or collateral, assumption of debts, assets, and any other issue involving TEXAS FIRST NATIONAL BANK.

11.  MARINE FOODS EXPRESS, L.L.P. agrees to pay [the Cheas] Two Hundred Thousand and No/100 Dollars ($200,000.00), in cash, at the closing.

Neither of the two proposed entities—J.R.P. Enterprises L.L.P. and Marine Foods Express, L.L.P. (“Marine Foods LLP”)—was ever formed.  However, on August 2, 2002, Paul Poon’s sons, Jason and Raymond, formed Marine Foods Express, Ltd. (“Marine Foods Ltd.”), whose name is very similar to Marine Foods LLP’s name.  Because it was never formed, Marine Foods LLP could not assume or attempt to assume liability on the Line of Credit.  No closing under the Contract ever occurred.  On September 26, 2002, the Bank foreclosed upon its security interest and sold American General’s assets to Marine Foods Ltd. for $2 million.  On November 25, 2002, the Cheas’ companies, including American General, filed for protection under Chapter 7 of the United States Bankruptcy Code.

Diana Chea was employed as the general manager of Marine Foods Ltd. at some point subsequent to its formation, but Marine Foods Ltd. terminated her employment in June 2006.  On August 2, 2006, the eve of the fourth anniversary of the execution of the Contract, the Cheas filed suit against appellees/defendants Paul Poon, Jason Poon, Raymond Poon, and Marine Foods Ltd. (collectively the “Poon Parties”).  The Cheas alleged the following in support of their claims for fraud, conspiracy, breach of contract and breach of an employment contract:

·        The Cheas entered into the Contract to form a new business entity to acquire and continue the seafood importation and distribution business that had been conducted by the Cheas.  Paul Poon promised to form a new business entity with the Cheas to conduct a wholesale food product importation and distribution business, 30% of which would be owned by the Cheas and 70% of which would be owned by Paul Poon.  This entity was to be known as “Marine Foods Express L.L.P.” 

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Charles So. T. Chea and Diana Chea v. Paul Poon, Jason Poon, Raymond Poon and Marine Foods Express, Ltd., Counsel Stack Legal Research, https://law.counselstack.com/opinion/charles-so-t-chea-and-diana-chea-v-paul-poon-jason-texapp-2010.