Houston International Management & Trade, Inc. v. Peacock Shipping and Trading, Inc., Celestial Holdings, LTD., and Celestial Company

Texas Court of Appeals, 1st District (Houston)·Decided April 14, 2026·No. 01-24-00542-CV·Published

Opinion

Opinion issued April 14, 2026

In The

Court of Appeals

For The

First District of Texas

Celestial Holdings, Ltd., and Celestial Company (the Peacock parties) are record title holders to 23 lots of commercial property in Houston. Marios Giakoumakos1 owns these companies. His nephew, Spiro Giakoumakos, owns Houston International Management & Trade, Inc. (HIM), a company that leases space on the properties to third parties and to a company owned by both Spiro and Marios.

After operating on the properties for years, HIM filed suit seeking a declaration that it owns the properties, and it asserted a trespass to try title claim based on adverse possession. A jury did not find that HIM had held the properties in peaceable and adverse possession for at least ten years. The jury further found that HIM and the Peacock parties had agreed that HIM would manage the properties for the Peacock parties. The trial court rendered judgment on the jury verdict, and its final judgment included declarations that the Peacock parties owned the properties at issue.

In four issues, HIM argues that the trial court erred by (1) denying its motion for judgment notwithstanding the verdict on the issue of adverse possession; (2) submitting two jury questions relating to a management agreement between HIM and the Peacock parties and denying HIM’s motion for JNOV relating to the jury’s

1 Marios Giakoumakos is referred to as “Marios,” “Mario,” and “Marcos”

interchangeably throughout the appellate record. We refer to him as “Marios,” the name that his counsel uses in the Peacock parties’ appellate brief and the trial court used in the final judgment.

findings on the management agreement; (3) denying its motion for new trial based on juror misconduct and newly discovered evidence; and (4) declaring that the Peacock parties owned the properties.

We affirm.

Background

Marios and John Giakoumakos were twin brothers who moved to the Houston area from Greece. In 1974, they formed a company called Twins Marine Repairs & Supplies, Inc., which provided repair and supply services to ships arriving at the Port of Houston. Marios is a mechanical engineer, and in the early days of the company, he handled the actual repair, construction, and inspection work done on ships. John focused on the administrative responsibilities of operating the business.

At some point, Twins Marine acquired 21 lots on Mayfair Street in southeast Houston, and it operated from these properties. In September 1988, Twins Marine executed three separate warranty deeds. In the first deed, Twins Marine conveyed 12 lots to Peacock Shipping and Trading, Inc. In the second deed, Twins Marine conveyed 8 lots to Celestial Holdings Limited. And in the third deed, Twins Marine conveyed an additional lot to Celestial Holdings. In an unrelated transaction that occurred nine months earlier in December 1987, Ellen and Billy Ipes conveyed two

lots on Mayfair to Celestial Company. These 23 lots are the properties at issue in this appeal. Marios owns Peacock and Celestial Holdings.2 On the same date that Twins Marine conveyed the properties to Peacock and Celestial Holdings, Twins Marine signed agreements leasing the properties from Peacock and Celestial Holdings for one year. The leases contained provisions allowing Twins Marine to holdover after the lease term, with Twins Marine “to be occupying the premises on the basis of a month-to-month tenancy.” Twins Marine continued operating at the properties beyond the one-year lease term. In the mid- 1990s, John’s son Spiro Giakoumakos began working at Twins Marine while he was in college, primarily doing office work and deliveries.

In 1999, Stylianos Kallergis, a “trusted figure” to the Giakoumakos family, formed HIM at John’s urging. By this time, Twins Marine had dramatically reduced its physical footprint on the properties, and it occupied only a small portion of the lots. HIM took the lead in renting out the remaining space on the properties to third parties. In 2008, Kallergis left HIM, and Spiro assumed ownership of that company.

Twins Marine also underwent changes in ownership. Although Marios had helped form the company, he had not held an ownership interest in it since the 1970s.

2 Celestial Company does not appear to have an actual corporate existence. The Peacock parties acknowledged as much in their written pleadings, calling Celestial Company “an entity that does not exist.” Likewise, in his petition in intervention, Marios referred to Celestial Company as “an unknown entity.”

Instead, John and the twins’ mother owned equal interests in the company. In 2010, Marios obtained his mother’s interest, and he and John owned Twins Marine in equal shares until 2016, when Spiro received John’s interest. John died in 2018.

HIM sued the Peacock parties in October 2018. It alleged that the Peacock parties did not take any actions concerning the properties, forfeited their corporate charters, and ceased doing business in Texas. HIM, on the other hand, effectively owned and operated the properties since its inception in 1999, leasing space to Twins Marine and third parties, collecting rent, and maintaining the properties. HIM requested that the trial court enter a declaration that HIM owned the properties and render judgment establishing HIM as the properties’ owner under Property Code Chapter 22. HIM later amended its petition to assert a trespass to try title claim against the Peacock parties based on adverse possession.

On February 20, 2020, the Peacock parties filed a counterclaim. They alleged that Peacock and Celestial Holdings agreed to have HIM manage the properties, “including collecting rents and paying taxes.” The Peacock parties allegedly terminated this management agreement in December 2019—after HIM had filed suit—and demanded that HIM turn over various documents and direct all future payments from tenants to the Peacock parties, but HIM refused. The Peacock parties asserted claims against HIM for money had and received, conversion, and breach of contract, and it sought imposition of a constructive trust, an accounting, injunctive

relief, and exemplary damages. Marios later intervened in the suit and asserted identical claims against HIM.

At trial, two fact witnesses testified: Spiro and Marios. Spiro testified concerning HIM’s actions on the properties, including its extensive dealings as landlord to third parties that rented space on the properties. Marios worked for HIM for several years, and his duties included helping collect rent from tenants and deposit these amounts. According to Spiro, Marios never questioned why he was depositing rental payments in HIM’s bank account, as opposed to an account maintained by one of the Peacock parties. Twins Marine also assisted with management, maintenance, and repairs on the properties, and it received a monthly management fee from HIM. Although yearly property tax statements for the properties were addressed to the Peacock parties, either Twins Marine or HIM paid the property taxes. Spiro testified that, when he questioned Marios about why the statements were in the name of the Peacock parties, Marios was unresponsive.

The facts were largely undisputed, although Spiro and Marios disagreed on one key point. When asked why HIM collected rent from tenants on the properties, Marios testified that HIM managed the properties for the Peacock parties. He acknowledged that no written management agreement existed between HIM and any of the Peacock parties. Instead, the parties had a verbal agreement. Marios testified that HIM was supposed to make repairs on the properties and collect rental

payments. After paying expenses and property taxes, HIM was then supposed to pay the remaining money first to Twins Marine and then to John, who had moved back to Greece and had ongoing financial difficulties. Spiro, on the other hand, disagreed that a management agreement existed between HIM and the Peacock parties, and he instead asserted that HIM owned the properties.

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Houston International Management & Trade, Inc. v. Peacock Shipping and Trading, Inc., Celestial Holdings, LTD., and Celestial Company, (Tex. Ct. App. 2026).

Houston International Management & Trade, Inc. v. Peacock Shipping and Trading, Inc., Celestial Holdings, LTD., and Celestial Company (Houston International Management & Trade, Inc. v. Peacock Shipping and Trading, Inc., Celestial Holdings, LTD., and Celestial Company) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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