WC 4th and Rio Grande, LP v. La Zona Rio, LLC

Court of Appeals of Texas·Decided May 25, 2023·No. 08-22-00073-CV·Published

Opinion

COURT OF APPEALS EIGHTH DISTRICT OF TEXAS EL PASO, TEXAS

WC 4TH AND RIO GRANDE, LP, § No. 08-22-00073-CV

Appellant, § Appeal from the

v. § 345th Judicial District Court

LA ZONA RIO, LLC, § of Travis County, Texas

Appellee. § (TC#D-1-GN-20-007177)

OPINION

This is the first of two companion opinions we issue today. The second opinion, which is

similarly styled, is No. 08-22-00225-CV. Here, Appellant WC 4th and Rio Grande, LP

(Rio Grande, LP) sued Appellee La Zona Rio, LLC (La Zona Rio) in a Travis County district court

seeking to avoid foreclosure on a promissory note La Zona Rio held on a building Rio Grande, LP

owned. While the suit was pending, a Harris County district court appointed a receiver to collect

on a judgment owed by World Class Capital Group, LLC (WCCG) and Great Value Storage, LLC

(GVS) to Princeton Capital Corporation (Princeton) stemming from an unrelated lawsuit. The

receiver, contending that Rio Grande, LP was a “subsidiary” of WCCG, entered an appearance in

the lawsuit stating that he was taking over for Rio Grande, LP and entered into a settlement

agreement with La Zona Rio allowing La Zona Rio to foreclose on the building. The trial court thereafter granted the receiver’s motion to dismiss the lawsuit pursuant to that agreement, and

Rio Grande, LP appealed. 1 Because factual questions remain on whether the receiver had the

authority to act on Rio Grande, LP’s behalf, we reverse the trial court’s judgment and remand for

further proceedings.

I. FACTUAL BACKGROUND A. Rio Grande, LP’s breach of contract claim against La Zona Rio

The underlying litigation in the current appeal stems from a $4.25 million loan that

Rio Grande, LP obtained from La Zona Rio’s predecessor-in-interest in July of 2014. The loan

terms were reflected in a promissory note, which was secured by a building owned by

Rio Grande, LP at the corner of 4th Street and Rio Grande in downtown Austin. Significant to this

appeal, local real estate developer Natin Paul signed the promissory note on behalf of

Rio Grande, LP as the president of WC 4th and Rio Grande GP, LLC—Rio Grande, LP’s general

partner. After Rio Grande, LP defaulted on the note, La Zona Rio initiated foreclosure

proceedings. Rio Grande, LP attempted to pay off the amount owed on the note ($4 million), but

La Zona Rio rebuffed its attempts. Rio Grande, LP then filed a lawsuit in a Travis County district

court claiming La Zona Rio was in breach of contract and further seeking a declaratory judgment

regarding its right to pay off the note under the parties’ agreement.

B. The Harris County district court’s receivership order

The background facts leading to the Harris County district court’s appointment of the

receiver are set forth in Great Value Storage, LLC v. Princeton Capital Corp., No. 01-21-00284-

1 This case was transferred from our sister court in Austin, and we decide it in accordance with the precedent of that court to the extent required by TEX. R. APP. P. 41.3.

2 CV, 2023 WL 3010773, at *1-6 (Tex. App.—Houston [1st Dist.] Apr. 20, 2023, no pet. h.)

(mem. op.). Below are the salient facts from that opinion and the record before us.

In July 2012, GVS and WCCG entered into a Note Purchase Agreement (NPA) with

Capital Point Partners II, L.P., the predecessor-in-interest to Princeton. Id. at *1. Natin Paul was

the sole member and manager of both WCCG and GVS. Id. Under the NPA, GVS executed two

promissory notes in favor of Capital Point in exchange for money. Id. In March 2015, Princeton

purchased the NPA together with the promissory notes issued pursuant to the NPA. Id. at *2. In

October 2018, Princeton sent WCCG and GVS a default notice, and when they failed to correct

the deficiency on the note, Princeton filed a lawsuit against them in a Harris County district court,

alleging, among other claims, breach of contract. Id. In March 2021, the trial court entered a final

judgment granting summary judgment in Princeton’s favor on its breach-of-contract claim and

awarded Princeton over $9.7 million in damages representing the principal and interest owed on

the notes. Id. at *6.

In June 2021, Princeton filed a motion for a post-judgment receivership under Texas Civil

Practice and Remedies Code Chapters 31 and 64 to collect on the judgment. 2 Id. at *6. Princeton

asserted that WCCG and GVS had refused to participate in discovery throughout the course of the

litigation and had refused to produce discovery regarding their assets. Relying on both companies’

websites, Princeton argued that WCCG and GVS had nonexempt assets that could be used to

satisfy the judgment. Id. The trial court granted Princeton’s motion and issued a receivership order

appointing attorney Seth Kretzer as the receiver, giving him broad powers to assist Princeton in its

2 Section 31.002 of the Code provides, “judgment creditor is entitled to aid from a court of appropriate jurisdiction . . . in order to reach property to obtain satisfaction on the judgment if the judgment debtor owns property, including present or future rights to property, that is not exempt from attachment, execution, or seizure for the satisfaction of liabilities.” TEX. CIV. PRAC. & REM. CODE ANN. § 31.002(a). As part of this aid, the court may “appoint a receiver with the authority to take possession of the nonexempt property, sell it, and pay the proceeds to the judgment creditor to the extent required to satisfy the judgment.” Id. at § 31.002(b)(3).

3 collection efforts by, among other things, allowing Kretzer to seize any “interests” that WCCG

and GVS owned in other business entities (the Receivership Order). The Receivership Order

provided that Kretzer was entitled to a fee of 25% of all gross proceeds coming into his possession

not to exceed 25% of the balance due on the judgment. The First Court of Appeals temporarily

stayed the Receivership Order sometime in October 2021 to provide the judgment debtors the

opportunity to post a supersedeas bond, but the stay was lifted on November 18, 2021.

C. Kretzer’s notice of appearance in Rio Grande’s lawsuit

At 5:06 p.m. on the same day the stay was lifted, Kretzer filed a “Receiver’s Notice of

Appearance” in Rio Grande, LP’s breach-of-contract lawsuit, asserting he was the “court-

appointed Receiver for World Class Capital Group, LLC,” and was appearing “for World Class

Capital Group, LLC and its subsidiary WC 4th and Rio Grande, L.P.” The notice stated that

Kretzer, who was represented by attorney James Volberding, “hereby replaces prior counsel of

record for WC 4th and Rio Grande, L.P.” Later that day, at 6:51 p.m., a “Joint Motion to Dismiss

With Prejudice” was filed, stating the “parties have resolved all claims asserted in this case and

therefore request that the Court enter an order dismissing with prejudice all claims asserted in this

case.” The motion was signed by Kretzer, on behalf of Rio Grande, LP, as well as La Zona Rio’s

attorney.

D. Rio Grande, LP’s motion challenging Kretzer’s authority

Less than a week later, on November 24, 2021, Rio Grande, LP, through its retained

attorney, Brian Elliott, filed a document entitled, “WC 4th and Rio Grande, LP’s Sworn Motion to

Show Authority of Kretzer & Voldberding [sic] . . . to Represent World Class Capital Group, LLC

and WC 4th and Rio Grande, L.P., Motion to Vacate Seth Kretzer’s Actions for Lack of Standing

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