Great Value Storage vs Princeton Capital Corp Seth Kretzer Attorney Judgment Receiver TimelineAfter being appointed, Mr. Kretzer filed a series of adversary suits and proofs-of claims-against debtor controlled entities in Bankruptcy Courts in Dallas and Austin. As a result, less than one year after being appointed (on September 2, 2022) the debtors agreed to pay $11,372,698.89. This cash has been transferred to Princeton, which declared in an SEC filing [known as an 8K] intent to pay a special dividend with this recovery of even more than the face value of the judgment.

In September 2021, the 165th Judicial District of Harris County, Texas appointed Mr. Kretzer to collect a $10 million plus judgment that had gone unpaid.  A copy of this turnover order is available here:

Turnover Order Appointing Seth Kretzer

Here is the underlying judgment [issued March 4, 2021], which Princeton had obtained against the two judgment debtors:

Underlying Judgment Princeton Obtained

In April 2022, Judge Hall denied a written motion by the Paul Entities to stop Mr. Kretzer’s collection efforts.  See Michelle Casady, Law360: “Texas Judge Won’t Halt Receiver’s Work In $9.9M Judgment” (April 22, 2022):

Texas Judge Won’t Halt Receivers Work In 9.9M Judgment

After Princeton was paid in full, Mr. Kretzer filed his final report and accounting with the appointing state district judge on October 31, 2022:

Reciever’s Report Documenting Defendants Non-compliance

Throughout the spring of 2022, judgment debtors challenged the turnover order in the Texas First Court of Appeals.  You can access Mr. Kretzer’s successful response in opposition brief here:

Brief of Reciever and Response to Appellants Rule 293 Motion

In addition, you can also read Princeton’s successful opposition brief filed in the Texas First Court of Appeals here:

Princeton’s Successful Opposition Brief

In the Fall of 2021, the judgment debtors made unsuccessful attempts to avoid posting an appeals bond (known as a “supersedeas bond”).  You can read the initial order (entered November 18, 2021) of the Texas First Court of Appeals reinstating the receivership here:

Court of Appeals for First District Texas Houston Order

The second order [entered December 23, 2021] by the Texas First Court of Appeals reinstating the receivership is available here:

Court of Appeals for First District Texas Houston Second Order

 

ADDITIONAL DOCUMENTS

BRIEF OF THE RECEIVER AND RESPONSE TO APPELLANTS’ RULE 29.3 MOTION

RECEIVER’S RESPONSE TO NATE PAUL ENTITIES’ FEBRUARY 28, 2022 LETTER MOTION

PRINCETON’S MOTION FOR RECEIVER

PRINCETON’S AUGUST 6 LETTER TO JUDGE HALL ASKING FOR RECEIVER

 

 

 

Phone: 713-775-3050
Fax: 713-929-2019
Houston, TX 77002
440 Louisiana, Suite 1440