Iris Associates, L.P. v. Robert C. Miller, et al.

CourtDistrict Court, M.D. Louisiana
DecidedMay 26, 2026
Docket3:25-cv-00463
StatusUnknown

This text of Iris Associates, L.P. v. Robert C. Miller, et al. (Iris Associates, L.P. v. Robert C. Miller, et al.) is published on Counsel Stack Legal Research, covering District Court, M.D. Louisiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Iris Associates, L.P. v. Robert C. Miller, et al., (M.D. La. 2026).

Opinion

UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF LOUISIANA IRIS ASSOCIATES, L.P. CIVIL ACTION

VERSUS 25-463-SDD-EWD

ROBERT C MILLER, ET AL.

RULING This matter is before the Court on the Defendants’ Motion to Dismiss Plaintiff’s Complaint Pursuant to Fed. R. Civ. P. 12(b)(6), or Alternatively (A) Stay the Case or (B) Transfer the Case to the Bankruptcy Court (hereinafter, “the Motion”) filed by Defendants Robert C. Miller (“Miller”) and Millco Walker, LLC (“Millco”) (collectively, “Defendants”).1 Plaintiff Iris Associates, L.P. (“Iris” or “Plaintiff”) filed an Opposition,2 and Defendants filed a Reply.3 For the following reasons, the Motion shall be granted in part and denied in part. I. ALLEGATIONS This case arises out of the sale and subsequent lease of certain commercial real estate in Walker, Louisiana (“the Walker Property”). Plaintiff alleges the following facts. Iris’s principal business is commercial real estate investment.4 In 2023, Iris wanted to purchase properties with long-term leases, ideally with financially sound tenants who were established fast food restaurant operators.5 Iris’s primary considerations in selecting these investment properties were the financial viability of the lessee and the remaining lease term.6

1 Rec. Doc. 21. 2 Rec. Doc. 25. 3 Rec. Doc. 26. 4 Rec. Doc. 7, ¶ 11. 5 Id. at ¶ 13. 6 Id. Miller is “a member, officer, and/or company insider of Miracle Restaurant Group, LLC” (“Miracle”).7 He is also a real estate developer.8 By 2023, Miracle “owned and operated over twenty Arby’s restaurants.”9 Miracle and Miller developed a build-to-suit arrangement to develop new Arby’s locations for Miracle.10 They engaged in one such agreement to develop the Walker Property.11 As was typical under their build-to-suit

arrangement, Miller organized and controlled a “special purpose limited liability company” (“special purpose LLC”), i.e., Millco, to develop the new Arby’s location.12 Millco then purchased the Walker Property and began construction and development of the restaurant,13 and Miracle entered into a twenty-year lease of this property.14 Miller and Millco subsequently marketed the Walker Property to Iris as an Arby’s restaurant under a twenty-year lease with Defendants’ “represented affiliate and long- time Arby’s operator, Miracle.”15 Without a strong twenty-year lease, Iris would not have been interested in the Walker Property because its value would have been around $1.5 million less than the $2.2 million list price.16 Defendants did not offer to assign the pre- existing twenty-year lease to Iris as part of the sale of the Walker Property.17 Instead,

Defendants represented that they, as insiders with Miracle, would facilitate a new twenty- year lease between Miracle and Iris at the closing of the sale.18

7 Id. at ¶ 6. 8 Id. at ¶ 8. 9 Id. at ¶ 7. 10 Id. at ¶ 8. 11 Id. at ¶¶ 9–10. 12 Id. at ¶¶ 8, 10. 13 Id. at ¶ 10. 14 Id. at ¶ 14. 15 Id. 16 Id. 17 Id. at ¶ 15. In previous sales, the special purpose LLCs sold the Arby’s locations to third-party landlords, who assumed the pre-existing twenty-year leases on the properties. Id. at ¶ 8. 18 Id. To induce the sale, Miller and Millco presented Iris with Miracle’s financial records to evidence Miracle’s success and viability as a long-term tenant.19 The financials showed Miracle was “coming out of the COVID-19 pandemic on solid financial footing,” with an eighteen-year history of operating twenty-eight Arby’s locations in multiple states and a cash flow gain of more than $2.7 million over the prior two years.20 Despite these financial

records, Defendants, as insiders of Miracle, knew that Miracle was in “perilous financial condition.”21 Defendants also knew that Miracle would be unable to fulfill its obligations under the new lease they were marketing to Iris.22 They, however, did not disclose Miracle’s true financial condition to Iris, despite their knowledge.23 Defendants instead actively promoted the new twenty-year lease with Miracle because they knew Iris’s valuation of the Walker Property mainly hinged upon the revenue from the lease.24 On October 19, 2023, and based on Miller and Millco’s representations about Miracle, Iris purchased the Walker Property from Millco for $2,075,000.25 Iris would not have purchased the Walker Property absent Defendants’ representations about Miracle’s financial condition.26 Additionally, Iris and Miracle entered into a new triple-net,27 twenty-

year commercial lease of the Walker Property on October 19, 2023.28 On June 20, 2024,

19 Id. at ¶ 17. 20 Id. 21 Id. at ¶ 31. 22 Id. 23 Id. at ¶¶ 19, 32. 24 Id. at ¶ 31. 25 Id. at ¶ 20. 26 Id. at ¶ 33. 27 A triple net lease is a “lease in which the lessee pays all the expenses, including mortgage interest and amortization, leaving the lessor with an amount free of all claims.” Lease, BLACK'S LAW DICTIONARY (12th ed. 2024). 28 Rec. Doc. 7, ¶ 21. Miracle stopped paying rent and filed a voluntary Chapter 11 petition for bankruptcy.29 Miracle formally rejected the lease on August 15, 2024.30 Iris attempted to secure a suitable replacement tenant, but the Walker Property remained unleased for months.31 Iris’s replacement tenant was a local, less established restaurant chain, and the lease was made “on substantially less beneficial terms.”32

Specifically, the replacement lease is for seven and a half years, as opposed to twenty, and the monthly rental payments are lower than those in the Miracle lease.33 Additionally, the Walker Property generated no rent for eight and a half months, during which time it incurred tax, insurance, and other expenses that Miracle would have borne under the lease marketed and facilitated by Defendants.34 On May 27, 2025, the United States Bankruptcy Court for the Eastern District of Louisiana (“the Bankruptcy Court”) issued Findings of Fact and Conclusions of Law Confirming the Debtor’s Third Amended Subchapter V Plan of Reorganization (“the Plan”) in Miracle’s bankruptcy case.35 Plaintiff then filed this lawsuit against Defendants on May

29, 2025, alleging Louisiana law causes of action for fraud, violation of the Louisiana Unfair Trade Practices and Consumer Protection Law (“LUTPA”), negligent misrepresentation, and alternatively, unjust enrichment and detrimental reliance.36 Pursuant to this Court’s order,37 Plaintiff filed its First Amended and Restated Complaint (“Amended Complaint”) to adequately allege the parties’ citizenship for purposes of

29 Id. at ¶ 22; In re Miracle Rest. Grp., LLC, No. 24-11158 (Bankr. E.D. La. filed June 20, 2024). 30 Id. at ¶ 22. 31 Id. at ¶ 23. 32 Id. 33 Id. at ¶¶ 21, 24. 34 Id. at ¶ 25. 35 In re Miracle Rest. Grp., LLC, No. 24-11158 (Bankr. E.D. La. May 27, 2025). 36 Rec. Doc. 1. 37 Rec. Doc. 4. diversity jurisdiction.38 Defendants’ Motion now seeks to dismiss all claims raised in the Amended Complaint.39 II. LAW AND ANALYSIS A. Rule 12(b)(6) Standard When deciding a Rule 12(b)(6) motion to dismiss, the “court accepts ‘all well-

pleaded facts as true, viewing them in the light most favorable to the plaintiff.’”40 “To survive a Rule 12(b)(6) motion to dismiss, the plaintiff must plead ‘enough facts to state a claim to relief that is plausible on its face.’”41 In Bell Atlantic Corp. v. Twombly, the United States Supreme Court set forth the basic criteria necessary for a complaint to survive a Rule 12(b)(6) motion to dismiss.

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Iris Associates, L.P. v. Robert C. Miller, et al., Counsel Stack Legal Research, https://law.counselstack.com/opinion/iris-associates-lp-v-robert-c-miller-et-al-lamd-2026.