Valentine v. Whitetail Capital LLC

CourtDistrict Court, N.D. Texas
DecidedApril 9, 2025
Docket3:23-cv-00575
StatusUnknown

This text of Valentine v. Whitetail Capital LLC (Valentine v. Whitetail Capital LLC) is published on Counsel Stack Legal Research, covering District Court, N.D. Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Valentine v. Whitetail Capital LLC, (N.D. Tex. 2025).

Opinion

IN THE UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF TEXAS DALLAS DIVISION

FRANCES ELIZABETH CARTER § VALENTINE and WILLIAM RILEY § BAXTER CARTER, in their capacities § as co-administrators of the ESTATE OF § MICHAEL E. CARTER, § § Plaintiffs, § § V. § No. 3:23-cv-575-BN § WHITETAIL CAPITAL, LLC; PAUL G. § COMRIE; and ELEMENTS § INTERNATIONAL GROUP, LLC, § § Defendants. § MEMORANDUM OPINION AND ORDER This lawsuit filed in federal court under diversity subject-matter jurisdiction, 28 U.S.C. § 1332, see Dkt. No. 10 (May 5, 2023 amend. compl.), is before the undersigned United States magistrate judge for all purposes under 28 U.S.C. § 636(c), see Dkt. No. 26. Plaintiffs Frances Elizabeth Carter Valentine and William Riley Baxter Carter, in their capacities as co-administrators of the Estate of Michael E. Carter, move for summary judgment on their breach of contract claims and the affirmative defenses of Defendants Whitetail Capital, LLC (“Whitetail”), Paul G. Comrie, and Elements International Group, LLC (“Elements”): (1) payment and/or partial payment; (2) contractual remedy/satisfaction and/or extinguishment of debt; (3) mootness; (4) lack of standing; (5) presentment of claims; and that (6) Plaintiffs have sustained no damages. See Dkt. Nos. 46-48; see also Dkt. No. 23 (Jan. 22, 2024 answer to amended compl.), at 8-11. And Plaintiffs supplemented their motion to offer evidence as to the parties’

citizenships, as ordered. See Dkt. Nos. 50-52, 56, & 57. Defendants responded to the summary judgment motion. See Dkt. Nos. 53 & 54. And Plaintiffs replied. See Dkt. No. 55. For the following reasons, the Court grants the motion for summary judgment. Applicable Background The Court previously set out the background applicable to this action, drawn from the operative complaint, when it addressed Defendants’ motion to dismiss. See

Valentine v. Whitetail Capital, LLC, No. 3:23-cv-575-L, 2023 WL 8832959, at *1-*3 (N.D. Tex. Dec. 6, 2023), rec. accepted, 2023 WL 8851640 (N.D. Tex. Dec. 21, 2023) (“Valentine I”). This information has not materially changed since then, so the Court sets it out again to provide context for the issues now before it at summary judgment: Michael E. Carter was a salesman and entrepreneur who worked for Elements International, a furniture wholesaler. Until his retirement in 2021, Carter served as both an officer and manager of Elements International and held a five percent membership interest in Elements International (the “Carter Membership Interest”). When he retired, Carter sold the Carter Membership Interest to Whitetail Capital. Whitetail was the majority owner of Elements International’s membership interests. Paul Comrie was Elements International’s CEO and Whitetail’s president, manager, and sole member. Carter and Whitetail executed a Membership Interest Purchase and Sale Agreement dated effective June 30, 2023 (the “P&S

-2- Agreement”). Carter also executed an Assignment and Assumption of Membership Interest in Elements International Group, LLC transferring the Carter Membership Interest to Whitetail (“Assignment Agreement”). And Carter executed a letter of resignation from his various roles at Elements International. The P&S Agreement provided that the $3.4 million purchase price would be paid in two installments: Section 2. Purchase Price. As the full purchase price of the Subject Membership Interest, Purchaser shall pay to Seller the sum of Three Million Four Hundred Thousand and No/100 Dollars ($3,400,000.00) (the “Purchase Price), as follows: (i) At the closing, by wire transfer of immediately available funds to an account identified by Seller to Purchaser (“Seller’s Account”), Purchaser shall pay to Seller the sum of Two Million and No/100 Dollars ($2,000,000.00). (ii) On or before December 31, 2022, by wire transfer of immediately available funds to Seller’s Account, Purchaser shall pay to Seller the sum of One Million Four Hundred Thousand and No/100 Dollars ($1,400,000.00). Paul Comrie and Elements International guaranteed the second payment: (iv) Each of Paul G. Comrie, the principal of Purchaser (“Comrie”) and the Company [Elements International] (together with Comrie, sometimes called “Guarantors”) agree to guarantee payment of the second payment of One Million Four Hundred Thousand and No/100 Dollars ($1,400,000.00) due to Seller on December 31, 2022, as confirmed by their respective signatures below. The P&S Agreement further provided: (v) Should neither Purchaser nor Guarantors pay the payment referenced in Section 2(ii) and 2(iv) above on or before January 10, 2023, the Seller shall have the right to notify the Company of such non-payment, and the Company shall then issue (and Comrie shall cause the Company to issue) to Seller a portion of the Membership Interest commensurate with the outstanding payment, to wit membership interest in and to the Company in an amount equal to 2.0588 of the outstanding membership interest in and to the Company. The P&S Agreement also provided that time was of the essence, and that all notices and communications must be made in writing.

-3- The P&S Agreement was signed by Carter, Paul Comrie as Manager of Whitetail, and Mike Wurster as President of Elements International. It was approved by Elements International’s members and managers. Whitetail paid the $2 million due for the first installment to Carter. Carter passed away on September 4, 2022. At the time of his death, Carter was domiciled in Lafayette County, Mississippi. On September 22, 2022, the Chancery Court of Layfette County, Mississippi admitted Carter’s will to probate and issued Letters of Administration to Carter’s children, Plaintiffs Frances Elizabeth Carter Valentine and William Riley Baxter Carter, as Co- Executors to administer Carter’s estate. As the December 31, 2022, deadline approached, Comrie repeatedly acknowledged Whitetail’s obligation to pay the $1.4 million due to the Carter Estate but complained of financial hardship and stated that he wouldn’t be able to pay the obligation when due. On December 19, 2023, Comrie texted “I spoke to our attorney. Sounds like you guys will own 2.0588% of Elements if I do not meet the $1.4MM payment obligation at month end. Let me know if you prefer other options. Hopefully there is a workable deal. Paul.” He followed up with “[l]et me know if there is something you want to try and work out. I just don’t want the year end deadline to come and pass us. I’m okay with you guys retaining the shares too.” On December 27, 2023, Comrie texted that he was “willing to give $100K a month until it is paid off.” The Carter Estate demanded Whitetail perform by making the $1.4 million second payment before the year end. On December 27, 2021, the Carter Estate told Comrie that it was not interested in receiving the membership interest. Whitetail failed to make the second payment on December 31, 2022. After the deadline passed, Comrie advised the Carter Estate that he was seeking bank financing for Whitetail to make the $1.4 million second payment. On January 6, 2023, Comrie wrote I don’t have great news. We are in a tough spot. I’m really not in a position to buy the shares based on hemorrhaging money the last six months. We have too much inflated inventory that is going to make the next little while even bumpier. Based on that the company doesn’t want those shares. If you want money right now the best I can do for those shares is getting a loan from my father and giving

-4- you $400K for them. If you want the full $1.4MM then it is best to sit on the shares and see if we come out of this. Happy to chat about it. Just wanted to get this in writing so you can digest it.

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Valentine v. Whitetail Capital LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/valentine-v-whitetail-capital-llc-txnd-2025.