In Re Kona Coast Venture, LTD; Kona Coast, LLC; William Korioth; WTK Development, LLC; Guadalupe 306, LP; Guadalupe 306 GP, LLC; Oxbow Land Partners, LLC; Hideout on the Horseshoe, LLC; Whitewater Sports, LLC; And TBOTG Development, Inc. v. the State of Texas

CourtTexas Court of Appeals, 3rd District (Austin)
DecidedJanuary 8, 2026
Docket03-25-00746-CV
StatusPublished

This text of In Re Kona Coast Venture, LTD; Kona Coast, LLC; William Korioth; WTK Development, LLC; Guadalupe 306, LP; Guadalupe 306 GP, LLC; Oxbow Land Partners, LLC; Hideout on the Horseshoe, LLC; Whitewater Sports, LLC; And TBOTG Development, Inc. v. the State of Texas (In Re Kona Coast Venture, LTD; Kona Coast, LLC; William Korioth; WTK Development, LLC; Guadalupe 306, LP; Guadalupe 306 GP, LLC; Oxbow Land Partners, LLC; Hideout on the Horseshoe, LLC; Whitewater Sports, LLC; And TBOTG Development, Inc. v. the State of Texas) is published on Counsel Stack Legal Research, covering Texas Court of Appeals, 3rd District (Austin) primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In Re Kona Coast Venture, LTD; Kona Coast, LLC; William Korioth; WTK Development, LLC; Guadalupe 306, LP; Guadalupe 306 GP, LLC; Oxbow Land Partners, LLC; Hideout on the Horseshoe, LLC; Whitewater Sports, LLC; And TBOTG Development, Inc. v. the State of Texas, (Tex. Ct. App. 2026).

Opinion

TEXAS COURT OF APPEALS, THIRD DISTRICT, AT AUSTIN

NO. 03-25-00746-CV

In re Kona Coast Venture, LTD; Kona Coast, LLC; William Korioth; WTK Development, LLC; Guadalupe 306, LP; Guadalupe 306 GP, LLC; Oxbow Land Partners, LLC; Hideout on the Horseshoe, LLC; Whitewater Sports, LLC; and TBOTG Development, Inc.

ORIGINAL PROCEEDING FROM COMAL COUNTY

OPINION

Relators filed this original proceeding challenging two orders by the trial court:

(1) striking the verified plea in intervention by four companies on whose behalf plaintiffs assert

derivative claims and denying the intervenor companies’ request to appoint an independent panel

to determine how to proceed on the derivative claims; and (2) compelling Relators to produce

certain documents for in camera review that they contend are privileged. We conditionally grant

mandamus relief on the first order based on the Texas Business Organizations Code’s provisions

concerning derivative-suit formalities applicable to closely held limited-liability companies

(LLCs) and limited partnerships. See Tex. Bus. Orgs. Code §§ 101.451–.463 (derivative

proceedings applicable to LLCs); 153.401–.413 (derivative proceedings applicable to limited

partnerships). Because Relators have not established that the trial court abused its discretion by

ordering the documents to be submitted for in camera review before compelling production, we

deny the requested relief as to the second order. BACKGROUND 1

William Korioth and Andrew Priest are Texas-based business investors and

developers. In 2005, Korioth founded Kona Coast Venture, Ltd., which owns and operates the

Whitewater Amphitheatre in New Braunfels. Priest founded Whitewater Investment Partners,

which he manages and is the majority owner of through his company, Priest Equities, LLC. In

2014, Whitewater Investment Partners joined Kona Coast Venture (the partnership) as a limited

partner. At the time, Kona Coast Venture also owned and operated Whitewater Sports, LLC, a

recreational tubing business, and Hideout on the Horseshoe, LLC, a property with several rental

cabins. Korioth now owns 61% of Kona Coast Venture, and Whitewater Investment Partners owns

31%; the remaining 8% is owned by individual limited partners. Kona Coast LLC, which Korioth

manages, is Kona Coast Venture’s general partner. Real Parties in Interest in this proceeding are

Whitewater Investment Partners, Priest, and Priest Equities.

In July 2014, Korioth and Priest signed an amended and restated partnership

agreement for Kona Coast Venture. The agreement states that—“unless approved by a Super

Majority in Interest”2—Kona Coast Venture is to “operate for the limited purpose of owning and

operating a music venue that has bands or DJs entertain paying customers (‘the Business’) on

1This is the second time this underlying case has been before this Court, and most of the background facts are derived from our prior opinion. See Korioth v. Whitewater Inv. Partners, LLC, No. 03-25-00240-CV, 2025 WL 3165922 (Tex. App.—Austin Nov. 13, 2025, no pet. h.) (mem. op.) (reversing temporary injunction). 2 The agreement defines “Super Majority in Interest” as “a vote of at least a majority of the Units of all Limited Partners so long as (a) Whitewater Investment Partners, LLC and (b) Will Korioth or a Korioth Permitted Assignee is included in such majority for so long as each of the foregoing are Limited Partners.” The agreement specifies that many of Kona Coast Venture’s actions require the consent of a super majority in interest, including participating in a merger or sale “outside the ordinary course of business,” raising capital, and making distributions to partners. 2 9.0 acres of real property owned by the Company in or near New Braunfels, Texas, and any actions

and transactions related or ancillary thereto.” The agreement imposes two duties on Kona Coast

Venture’s limited partners that are central to this litigation: a partner’s right of first refusal for “an

opportunity relating to the Business . . . that the Partner or a Controlling Party desires to accept,”

and a two-year noncompete for any work or ownership in “the Business” “within a two hundred

(200) mile radius of” the Whitewater Amphitheatre. The agreement generally provides that Kona

Coast Venture may remove a partner for violating the noncompete provision. But the agreement

also expressly contemplates that, subject to these provisions and others, limited partners may

“engage in whatever activities they choose, whether the same are competitive with the Partnership

or otherwise, without having or incurring any obligation to offer any interest in such activities to

the Partnership or any Partner.”

After Whitewater Investment Partners joined Kona Coast Venture, the partnership

invested in several business opportunities, including the renovation of a condominium complex,

the development of a 77-acre tract into a 57-lot residential subdivision called the Oxbow, and the

purchase of a tubing business with a restaurant. Korioth and Priest also individually pursued

various business opportunities during this time, some of which they shared with each other and

some of which they did not.

In 2020, through a new entity, Guadalupe 306, Korioth purchased a 165-acre tract

near some of the partnership’s businesses, including the Whitewater Amphitheatre and the Oxbow,

and began to develop that property into another residential subdivision called the Bluffs on the

Guadalupe. Guadalupe 306 later transferred its ownership interest in the Bluffs development

project to a new entity, TBOTG Development. Neither Whitewater Investment Partners nor

3 Priest’s other ventures are involved in the Bluffs development project, though Korioth did have

preliminary discussions about the investment with Priest before moving forward without him.

Following Korioth’s new business venture, Whitewater Investment Partners sued

Korioth; WTK Development, LLC; Kona Coast LLC; and the Guadalupe 306 entities in Comal

County for breach of contract, breach of fiduciary duties, fraud, conspiracy, tortious interference

with existing contracts and prospective relations, and declaratory judgment. Whitewater

Investment Partners also asserted the claims derivatively on behalf of Oxbow Land Partners,

Hideout on the Horseshoe, Whitewater Sports, and Kona Coast Venture. The suit also sought to

remove Korioth and entities he controls from their roles as general partner, manager, and officer

of the plaintiff entities. The suit sought a constructive trust for the plaintiffs’ purported interest in

the Bluffs, as well as attorneys’ fees and an accounting of the defendant businesses.

Generally, the suit maintains that through the acquisition and development of

business ventures after Whitewater Investment Partners joined the Kona Coast Venture partnership

in 2014, the partners effectively expanded the “limited purpose” of the “Business” to include the

development of certain real estate, such that Korioth wrongly kept Priest and his entities from

participating in the Bluffs development under the partnership agreement’s right-of-first-refusal

provision. And because, as the plaintiffs maintain, the business’s purpose now includes residential

real-estate developments, Korioth’s development of the Bluffs also violates the partnership

agreement’s noncompete provision.

As discovery progressed, Korioth learned about some of Priest’s post-2014

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In Re Kona Coast Venture, LTD; Kona Coast, LLC; William Korioth; WTK Development, LLC; Guadalupe 306, LP; Guadalupe 306 GP, LLC; Oxbow Land Partners, LLC; Hideout on the Horseshoe, LLC; Whitewater Sports, LLC; And TBOTG Development, Inc. v. the State of Texas, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-kona-coast-venture-ltd-kona-coast-llc-william-korioth-wtk-txctapp3-2026.