JT Capital v. Blom Capital

2025 Tex. Bus. 41
CourtTexas Business Court
DecidedOctober 29, 2025
Docket25-BC01B-0019
StatusPublished

This text of 2025 Tex. Bus. 41 (JT Capital v. Blom Capital) is published on Counsel Stack Legal Research, covering Texas Business Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
JT Capital v. Blom Capital, 2025 Tex. Bus. 41 (Tex. Super. Ct. 2025).

Opinion

FILED IN BUSINESS COURT OF TEXAS BEVERLY CRUMLEY, CLERK ENTERED 10/29/2025

2025 Tex. Bus. 41

The Business Court of Texas, 1st Division

JT Capital LLC, Plaintiff § v. § § BLOM CAPITAL LLC, 599 W. § Cause No. 25-BC01B-0019 PRINCETON LP, CAPELLA § FUNDS LLC, CORINNE § CORDON, JOSEPH SEBASTIEN, § RICHARD NEUHARTH, and § MOSES LUCERO, Defendants § v. § SAPAN TALATI, STRATEGIC § INCOME JTM LP, and JT § CAPITAL FUND, LLC Third- § Party Defendants. §

═══════════════════════════════════════ MEMORANDUM OPINION ═══════════════════════════════════════

[¶ 1] A California resident argues that this court lacks personal

jurisdiction over him because he did not commit any tortious acts while in

Texas. Because the respondents did not plead or prove that this defendant has sufficient Texas contacts giving rise to the claims against him to support

personal jurisdiction over him for any pled cause of action, the court granted

the non-resident’s special appearances and dismissed the claims against him

without prejudice.

I. BACKGROUND

A. Factual Background

[¶ 2] After learning of each other’s shared interest in real property

located at 599 W. Princeton Drive, Princeton, Texas 75047 (Property), Blom

Capital LLC and JT Capital LLC discussed forming a joint venture to acquire

and manage the Property (Project).1 Before the joint venture was formed, the

then owner, Princeton Luxury Apartments LLC, defaulted on its mortgage

loan and the lender sought to foreclose on the Property. 2 To prevent

foreclosure, JT Capital, Blom, and Capella Funds LLC (which became an

additional lender) agreed to contribute funds to purchase the loan and the

lender postponed foreclosure until January 2025.3

1 Plaintiff’s Second Amended Original Petition (SAP) ¶s 22–23. 2 SAP ¶s 24, 26. 3 SAP ¶s 29, 32.

MEMORANDUM OPINION, Page 2 [¶ 3] Throughout December 2024, JT Capital, Blom, and Capella

discussed how to acquire the loan.4 JT Capital agreed to contribute

$3.5 million towards that purchase, which it says was a loan so Blom could

acquire the Property for the proposed joint venture’s benefit. 5

[¶ 4] Blom later formed the partnership 599 W. Princeton LP

(Partnership) and executed an amended Purchase and Sale Agreement with

Princeton Luxury, designating the Partnership as the Property’s purchaser.6

[¶ 5] JT Capital was allegedly unaware of these events and claims Blom

and Capella formed the Partnership to acquire the Property without JT

Capital.7

[¶ 6] Nevertheless, JT Capital kept working with Blom and Capella

based on representations that Blom still desired to create the proposed joint

venture.8 Thus, JT Capital and Blom signed a joint venture term sheet.9 The

term sheet required repayment of JT Capital’s $3.5 million loan to purchase

4 SAP ¶s 37–39. 5 SAP ¶s 31, 34–35. 6 SAP ¶ 46. 7 SAP ¶s 46–47. 8 SAP ¶ 57. 9 SAP ¶ 66.

MEMORANDUM OPINION, Page 3 the Property’s mortgage.10 Despite agreeing to the term sheet, JT Capital’s

and Blom’s relationship continued to deteriorate.11

B. Procedural Background

[¶ 7] After JT Capital sued in Collin County, all parties agreed to

remove the case to this court.12 Defendants Blom and Capella later filed

counterclaims/third-party claims against JT Capital and its officer Sapan

Talati.13

[¶ 8] Talati specially appeared and the parties briefed the issue.14 All

parties’ submissions included jurisdictional discovery.

C. Jurisdictional Facts

[¶ 9] The court considers allegations and evidence contained in both

Blom’s Second Amended Counterclaims and Amended Third-Party Petition

(Blom’s Am. 3rd Party Pet.), Capella’s Second Amended Answer and

10 SAP ¶s 65–66. 11 SAP ¶s 69, 71. 12 JT Capital LLC’s Original Petition; Agreed Notice of Removal. 13 The live pleadings currently are Blom’s Second Amended Counterclaims and Amended Third-Party Petition (Blom’s Am. 3rd Party Pet.) and Capella’s Second Amended Answer and Counterclaims (Capella’s SAAC). 14 Talati’s 07/14/2025 Special Appearance to Blom (Talati’s Blom SA); Talati’s 08/15/25 Amended Special Appearance (Talati’s Am. Blom SA); Talati’s 08/18/2025 Special Appearance to Capella (Talati’s Capella SA); Blom’s 08/29/2025 Response to Talati’s Am. Blom SA (Blom’s Resp.); Capella’s 08/29/2025 Response to Talati’s Capella SA (Capella’s Resp.); Talati’s 09/03/2025 Reply to Blom’s Resp. (Talati’s Blom Reply); Talati’s 09/03/2025 Reply to Capella’s Resp. (Talati’s Capella Reply).

MEMORANDUM OPINION, Page 4 Counterclaims (SAAC), Talati’s Declaration, and related evidence submitted

in response to Talati’s special appearance. The court does not consider

allegations made outside of Blom’s Am. 3rd Party Pet. or Capella’s SAAC and

only considers additional evidence to the extent it supports or undermines the

allegations in those pleadings.

[¶ 10] Blom’s and Capella’s submissions allege that:

• Talati resides in either California or Texas. 15

• Talati pursued the idea to form and invest in a Texas-based joint venture to acquire, develop, and manage the Property.16

• Talati made multiple misrepresentations, including that (i) JT Capital would be a 50/50 partner with Blom and share equally in obligations, responsibilities, and profits associated with the Property acquisition; (ii) JT Capital would pay remediation costs, obtain and pay for insurance, pay property taxes, and address liens; (iii) JT Capital’s contribution would be repaid following sufficient capital or debt raise, but later JT Capital demanded that it be paid back with interest in exchange for relinquishing all rights in the proposed joint venture and Property; (iv) Talati would prepare a private placement memorandum, a joint development agreement, and disclosures for a schedule of real estate owned; and (v) Talati would serve as a personal guarantor of the loan and lead sponsor for the Property acquisition. 17

15 Blom’s Am. 3rd Party Pet. ¶ 5. 16 Capella’s SAAC ¶s 11, 17, 24. 17 Blom’s Am. 3rd Party Pet. ¶s 9, 36, 39, 50, 57; Capella’s SAAC ¶s 21–22, 24, 30–31, 34.

MEMORANDUM OPINION, Page 5 • Talati negotiated with Blom and Capella to structure agreements, loans, entities to purchase the Property, and the repayment of funds.18

• Talati defrauded the Project of $500,000 for his own benefit. 19

[¶ 11] Blom and Capella provided the following evidence in support of

their allegations:

• Talati knowingly communicated with individuals who lived in Texas. 20

• Talati indirectly owns two other properties in Crowley, Texas and mineral interests in Tarrant County, Texas.21

• Talati owns a multi-residential property at The Lakes at Renaissance Park in Austin, Texas and now claims an interest in the Property in Princeton, Texas.22

• Talati oversaw JT Capital’s strategy and investment decisions, served as its primary point of contact, and directed JT Capital in the attempted Property acquisition.23

• The joint venture term sheet signature page contains Talati’s signature.24

• Talati sent and received hundreds of emails, text messages, and Slack communications concerning the purchase, development, and management of the Property. 25

18 Capella’s SAAC ¶s 23, 44–45, 50. 19 Blom’s Am. 3rd Party Pet. ¶s 23, 27, 67, 70. 20 App’x to Blom’s Resp. at 049. 21 App’x to Capella’s Resp. at 009–10, 020–21. 22 App’x to Capella’s Resp. at 017–18. 23 App’x to Blom’s Resp. at 004, 034–36; App’x to Capella’s Resp. at 018. 24 App’x to Capella’s Resp. at 025. 25 App’x to Blom’s Resp. at 004.

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2025 Tex. Bus. 41, Counsel Stack Legal Research, https://law.counselstack.com/opinion/jt-capital-v-blom-capital-texbizct-2025.