Larry Greb v. Bret Madole and Carrington, Coleman, Sloman & Blumenthal, LLP

CourtCourt of Appeals of Texas
DecidedJuly 3, 2019
Docket05-18-00467-CV
StatusPublished

This text of Larry Greb v. Bret Madole and Carrington, Coleman, Sloman & Blumenthal, LLP (Larry Greb v. Bret Madole and Carrington, Coleman, Sloman & Blumenthal, LLP) 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.

Bluebook
Larry Greb v. Bret Madole and Carrington, Coleman, Sloman & Blumenthal, LLP, (Tex. Ct. App. 2019).

Opinion

AFFIRM; and Opinion Filed July 3, 2019.

In The Court of Appeals Fifth District of Texas at Dallas No. 05-18-00467-CV

LARRY GREB, Appellant V. BRET MADOLE AND CARRINGTON, COLEMAN, SLOMAN & BLUMENTHAL, LLP, Appellees

On Appeal from the 134th Judicial District Court Dallas County, Texas Trial Court Cause No. DC-16-12734

MEMORANDUM OPINION Before Justices Myers, Molberg,and Carlyle Opinion by Justice Molberg Larry Greb appeals the trial court’s take-nothing summary judgment in favor of his former

attorneys, Bret Madole and Carrington, Coleman, Sloman & Blumenthal, LLP (Carrington

Coleman) (collectively, Attorneys), on his claims for negligence, gross negligence, and breach of

fiduciary duty in a lawsuit stemming from Attorneys’ alleged non-disclosure of a conflict of

interest between Greb, Greb’s then-business partner, and their jointly-owned business. In three

issues, Greb contends the trial court erred by granting summary judgment and by dismissing his

claims with prejudice, because the summary judgment evidence raised a genuine issue of material

fact as to: (1) whether Attorneys’ negligence was the proximate cause of Greb’s damages, (2)

whether Greb suffered damages as a result of Attorneys’ negligence, and (3) whether Carrington

Coleman breached its fiduciary duty to Greb. The principal question before this Court is whether Greb raised a genuine issue of material

fact on the causation element of his claims. We conclude he did not. Accordingly, we affirm the

trial court’s judgment.

Background

We recount the complicated history of the dispute subject of this appeal only as necessary

to resolve the question of whether the trial court properly granted summary judgment on Greb’s

claims for legal malpractice and breach of fiduciary duty.

Over fifteen years ago, Greb and Rick Johnson became co-owners of a conglomeration of

business enterprises and entities (collectively, J&G).1 To secure loans from Citizens National

Bank of Waxahachie (CNB) on behalf of J&G (CNB Notes), Greb and Johnson granted liens on

J&G’s assets. Greb and Johnson also executed personal guaranties for J&G’s debt, and Greb

pledged his personal assets—two ranches and an apartment complex—as collateral for the loans.

J&G defaulted on the CNB Notes, and in April 2014, Johnson engaged Carrington

Coleman and Bret Madole2 to represent J&G, Greb, and Johnson in a lawsuit against CNB, who

was seeking to foreclose on J&G’s assets as well as Greb’s personal assets. Attorneys filed suit

against CNB (CNB lawsuit), seeking a temporary restraining order (TRO) to enjoin the foreclosure

while Greb and Johnson attempted to sell J&G or secure re-financing of their debt to CNB. After

the trial court granted the TRO, the parties entered into a “stand-still” agreement, under which

CNB agreed to stay action on the foreclosure. The stand-still agreement was extended by a series

of rule 11 agreements, which, in toto, gave Greb and Johnson fifteen months to sell J&G or obtain

re-financing.

1 Greb owned sixty percent, and Johnson owned forty percent, of J&G. 2 Madole was Johnson’s personal attorney, and he later joined Carrington Coleman as a partner. At Carrington Coleman, Madole represented Greb, Johnson, and J&G in their lawsuit against CNB. –2– Greb and Johnson attempted to sell J&G to several companies. In June 2014, Greb and

Johnson signed a letter of intent to sell J&G to AuSable Capital Partners (AuSable) for $20 million.

The AuSable deal fell through when AuSable lowered the purchase price to $15 million, which

Greb believed to be “significantly” less than J&G’s value.

In 2013, 2014, and 2015, Greb contacted Hanson Building Products (Hanson)—which later

changed its name to Forterra—to discuss a sale of J&G.3 The summary judgment evidence reflects

that Forterra and Greb were unable to agree on a purchase price because of a “huge” gap in their

respective assessments of J&G’s value. E-mails indicate that in September 2015, Forterra was

willing to pay approximately $20 million for J&G, and Greb was asking $35 million.4 Greb told

Forterra that a purchase price “in the $20 million range” would not “work for him.” Forterra did

not make a formal offer or enter into a letter of intent to purchase J&G, and ultimately, Forterra

“[took] a pass” on purchasing J&G.

In May 2015, Greb and Johnson signed a letter of intent to sell J&G to Baymark Partners

(Baymark) for approximately $15 million. James Patterson of the law firm Hierche, Hayward,

Drakely & Urbach (HHDU) represented Greb on the Baymark transaction.5 On July 30, 2015,

Baymark provided a draft Asset Purchase Agreement (Baymark APA) to Madole, who forwarded

it to Patterson and Greb. Patterson reviewed and made substantive changes to the Baymark APA

on behalf of Greb. The summary judgment evidence shows Patterson also communicated

3 In 2015, Hanson changed its name to Forterra following the sale of the company to Lone Star Funds, an investment group (Lone Star). Any reference to Forterra in this opinion also refers to Hanson and/or Lone Star, as applicable, and vice versa. 4 In a January 2018 deposition, Plamen Jordanoff, the former CEO of Hanson, testified Hanson valued J&G “in the $20 million or sub-$20 million range in September of 2015.” After his deposition, Jordanoff signed a declaration indicating the value of J&G increased in 2016, stating, “the purchase of J&G by Forterra would likely have occurred in 2016 because the company was worth around $30 million to Forterra regardless of who owned J&G in 2016.” 5 Greb signed an engagement with HHDU on December 10, 2014, to represent him “regarding the analysis of the governance provisions of all documents of [Greb’s] entities, with a focus on transferability and consent obligations of the owners,” and any other matters specified by Greb.

–3– extensively with Madole regarding Greb’s revisions. As it relates to Greb, the Baymark APA

provided Greb would receive $2,350,000 in cash at closing; Baymark would assume the

indebtedness owed to CNB, which totaled approximately $11 million; and CNB would release

Greb from his personal guaranty and the liens on his personal assets.

Baymark planned to obtain loans from Comerica and Texas Capital Bank to finance its

purchase of J&G. After signing the Baymark APA, Greb contacted Comerica and Texas Capital

Bank and informed them he “did not know who Baymark was,” and he had not entered into a letter

of intent to sell J&G to Baymark.6 After a conversation with Comerica, Baymark understood Greb

made these misrepresentations in an attempt to obtain re-financing. When CNB learned of Greb’s

false representations to Comerica and Texas Capital Bank, it filed an application for a TRO

seeking, among other things, to enjoin Greb from making false statements to third parties regarding

the purchase of J&G. Greb opposed CNB’s application for the TRO, and Johnson did not oppose

it, creating a conflict of interest between Greb and Johnson. As a result, on August 20, 2015,

Attorneys informed Greb, Johnson, and Patterson they did not “represent any of the Principals in

their individual capacities” in the CNB lawsuit or in the Baymark transaction. Attorneys also

requested to withdraw as counsel for all parties in the CNB lawsuit, including J&G, after the

August 21, 2015 hearing on CNB’s application for a TRO against Greb. HHDU entered an

appearance in the CNB lawsuit on August 21, 2015, and HHDU represented Greb at the hearing.

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Larry Greb v. Bret Madole and Carrington, Coleman, Sloman & Blumenthal, LLP, Counsel Stack Legal Research, https://law.counselstack.com/opinion/larry-greb-v-bret-madole-and-carrington-coleman-sloman-blumenthal-llp-texapp-2019.