Jerry Grisaffi v. Rocky Mountain High Brands, Inc. F/K/A Republic of Texas Brands, Inc.

CourtCourt of Appeals of Texas
DecidedOctober 18, 2022
Docket05-20-00538-CV
StatusPublished

This text of Jerry Grisaffi v. Rocky Mountain High Brands, Inc. F/K/A Republic of Texas Brands, Inc. (Jerry Grisaffi v. Rocky Mountain High Brands, Inc. F/K/A Republic of Texas Brands, Inc.) 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.

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Jerry Grisaffi v. Rocky Mountain High Brands, Inc. F/K/A Republic of Texas Brands, Inc., (Tex. Ct. App. 2022).

Opinion

AFFIRMED and Opinion Filed October 18, 2022

In The Court of Appeals Fifth District of Texas at Dallas No. 05-20-00538-CV

JERRY GRISAFFI, Appellant V. ROCKY MOUNTAIN HIGH BRANDS, INC. F/K/A REPUBLIC OF TEXAS BRANDS, INC., Appellee

On Appeal from the 192nd Judicial District Court Dallas County, Texas Trial Court Cause No. DC-17-15441

MEMORANDUM OPINION Before Justices Schenck, Osborne, and Partida-Kipness Opinion by Justice Osborne

This is appellant Jerry Grisaffi’s (Grisaffi) second appeal in this case. In his

first appeal, Grisaffi complained that the judgment that appellee Rocky Mountain

High Brands, Inc. f/k/a Republic of Texas Brands, Inc. (Rocky Mountain) had

obtained against him contained an impermissible double recovery because it both

awarded monetary damages and declared that certain stock was void ab initio. We

agreed and remanded the case to the trial court for Rocky Mountain to choose

between these two forms of relief. On remand, Rocky Mountain chose to recover

monetary damages, and the trial court entered judgment accordingly. In three issues, one of which is more properly construed as a motion for sanctions, Grisaffi

complains that the judgment against him should be vacated because, in his view,

Rocky Mountain recovered the stock at issue by virtue of a judgment that it obtained

against other parties in a separate, severed suit during the pendency of the prior

appeal without notifying this Court and, as a result, Rocky Mountain should not be

permitted to recover monetary damages against Grisaffi. For the reasons stated

below, we affirm.

BACKGROUND

We draw some facts from our prior opinion and discuss them here only as they

are relevant to our analysis of Grisaffi’s issues in this appeal. See generally Grisaffi

v. Rocky Mountain High Brands, Inc. f/k/a Republic of Tex. Brands, Inc.,

No. 05-18-01020-CV, 2020 WL 948377, at *1–2 (Tex. App.—Dallas Feb. 27, 2020,

no pet.) (mem. op.).

A. Trial Court Proceedings Leading to Original Judgment Against Grisaffi

Grisaffi is a former officer and director of Rocky Mountain. Id. at *1. In 2013,

Grisaffi instructed Rocky Mountain’s Chief Financial Officer to execute an

employment agreement between Rocky Mountain and Grisaffi with compensation

that included the right to up to ten million shares of Series A Preferred Stock in

Rocky Mountain. Id. In violation of Rocky Mountain’s bylaws, the employment

agreement was not submitted to or approved by the board of directors. Id. Pursuant

to the employment agreement, Grisaffi caused ten million shares of Series A

–2– Preferred Stock to be issued in the name of Hilltop Trust, a trust for the benefit of

Grisaffi’s children; he later caused Hilltop Trust to request cancellation of the shares

and to request transfer or reissuance of one million shares to himself. Id. Grisaffi

then sold those one million shares to LSW Holdings, LLC (LSW) for $3.5 million

pursuant to an agreement that did not include Rocky Mountain. Id. Grisaffi later

resigned. Id.

Rocky Mountain sued Grisaffi, asserting claims for breach of fiduciary duty,

conversion, and fraudulent conveyances arising from, inter alia, the issuance of the

Series A Preferred Stock. Id. at *1–2. In the same lawsuit, Rocky Mountain also

asserted claims against LSW and Lily Li (a managing member of LSW), among

others. Id. at *2. The trial court issued death-penalty discovery sanctions against

Grisaffi, striking his pleadings; barring him from filing any further pleadings; and

awarding Rocky Mountain a default judgment with respect to its claims against

Grisaffi. Id. at *2, 3. The trial court also severed Rocky Mountain’s claims against

LSW, Li, and the other remaining defendants into trial court Cause No.

DC-18-13491 (the Severed Action). See id. at *2.

In August 2018, the trial court rendered a formal Default Judgment as to Jerry

Grisaffi (the Original Judgment). In addition to other relief not at issue here, the

Original Judgment (1) ordered Rocky Mountain to recover from Grisaffi the sum of

$3.5 million “for funds obtained through fraud, breach of fiduciary duty and

conversion with respect to Series A Preferred Stock” and (2) declared void ab initio

–3– and of no legal force or effect the “10,000,000 shares (later reissued as 1,000,000

shares) of Series A Preferred Stock in [Rocky Mountain] that were issued to Hilltop

Trust and reissued to Jerry Grisaffi.”1

B. Grisaffi’s First Appeal

In September 2018, Grisaffi appealed the Original Judgment to this Court (the

First Appeal). See id. at *2. He did not challenge the trial court’s decisions to impose

death-penalty sanctions, to sever the claims against the other defendants, or to enter

a default judgment against him. See id. Grisaffi challenged only the relief granted,

arguing that by both declaring the issuance of the Series A Preferred Stock void ab

initio and awarding Rocky Mountain $3.5 million in monetary damages, the trial

court’s judgment contained an impermissible double recovery. Id.2

On February 27, 2020, we issued our memorandum opinion and judgment in

the First Appeal. We affirmed in part and reversed in part, holding that “the monetary

and declaratory relief awarded to Rocky Mountain compensate it for the single injury

of the wrongful issuance of Series A Preferred Stock caused by Grisaffi.” Id. at *3.

1 The Original Judgment also declared an employment agreement between Grisaffi and Rocky Mountain “void ab initio” and that “if any rights were created thereunder, they were rejected and rendered unenforceable in Rocky Mountain’s bankruptcy.” It also declared two promissory notes void ab initio and of no legal force or effect; declared that Grisaffi’s “sale of the Series A Preferred Stock to LSW was made with actual intent to hinder, delay or defraud creditors and is thus a Fraudulent Transfer under Texas law”; declared that the “issuance of 10,000,000 shares of common stock to Lily Li, and the issuance of 11,000,000 shares of common stock to Epic, were made without lawful consideration or authority and constitute breaches of fiduciary duty by Jerry Grisaffi”; and declared that an “Indemnification and Release Agreement between [Rocky Mountain] and Jerry Grisaffi was procured by Grisaffi through fraud and breach of fiduciary duty and is therefore void and unenforceable,” among other things. Grisaffi also argued that the Original Judgment’s awarding both recoveries did not conform to the 2

pleadings, but we did not reach that issue. See Grisaffi, 2020 WL 948377, at *2, 4. –4– We explained our reasoning as follows: “The trial court’s default judgment was

entered as a death-penalty sanction,” and Grisaffi “as defaulting defendant has

admitted to all facts establishing liability.” Id. Rocky Mountain’s pleadings alleged

that Grisaffi’s actions had resulted in damages “based on the value of the stock[,]

including lost profits to the extent such shares of stock were subsequently sold.” Id.

But Rocky Mountain’s pleadings did “not establish how Rocky Mountain was

injured by Grisaffi’s sale to LSW of the Series A Preferred stock [that] Grisaffi had

acquired.” Id. Further, Rocky Mountain did “not assert on appeal, and . . . its

pleadings [did not] establish, an injury it suffered separate from the issuance of

Series A Preferred stock.” Id.

Because it was unclear whether voiding the shares or awarding Rocky

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