Great Value Storage vs Princeton Capital Corp Seth Kretzer Attorney Judgment Receiver Timeline

In response to media requests about this matter, Mr. Kretzer offers the following public-record information and timeline:

The Court-appointed Receiver, Mr. Kretzer, filed a series of adversary suits and proofs-of claims-against debtor-controlled entities in Bankruptcy Courts in Dallas and Austin. Less than a year after Mr. Kretzer’s appointment (on September 2, 2022), the debtors agreed to pay $11.37 million. This cash was then transferred to Princeton, which declared in an SEC filing (known as an 8K) its 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 Ursula 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:
Receiver’s Report Documenting Defendants Non-compliance

Throughout early 2022, judgment debtors challenged the turnover order in the Texas First Court of Appeals. Mr. Kretzer’s successful response in opposition brief can be accessed here:
Brief of Receiver and Response to Appellants Rule 293 Motion

In addition, Princeton’s successful opposition brief filed in the Texas First Court of Appeals can be accessed here:
Princeton’s Successful Opposition Brief

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

Appellate Court Rulings Affirming Receiverships in Related Cases

Collateral Attacks In Other Courts On Actions Involving Receivers

Austin-based state appeals court affirmed district court’s judgment confirming the arbitrator’s award and its order directing the receiver to liquidate the entities under receivership:
Paul v. Roy F. & Joann Cole Mitte Found., No. 03-21-00502-CV, 2023 Tex. App. LEXIS 772 (Tex. App.—Austin Feb. 8, 2023)

Austin-based appeals court affirms trial court’s appointment of a receiver:
WC 1st & Trinity, LP v. Roy F. & JoAnn Cole Mitte Found., Nos. 03-19-00799-CV, 03-19-00905-CV, 2021 Tex. App. LEXIS 8016 (Tex. App.—Austin Sep. 30, 2021, pet. denied)

El Paso appeals court affirmed trial court’s dismissal of all claims against Receiver and creditors under Texas Citizens Participation Act (the TCPA) and Rule 91a of the Texas Rules of Civil Procedure:
1st & Trinity Super Majority, LLC v. Milligan, No. 08-20-00230-CV, 2022 Tex. App. LEXIS 4842 (Tex. App.—El Paso July 14, 2022, no pet. h.)

Third Court of Appeals affirmed the default judgment against Nate paul for his guaranty on 900 Cesar Chavez, 905 Cesar Chavez, 5th & Red River, and 7400 South Congress:
2023-2-15 Memorandum Opinion

La Zona Rio’s Reply in Support of Motion for Rehearing in Texas’s Eighth Court of Appeals [filed 10/9/23]

Status Updates in Texas First Court of Appeals

Justice Kelly’s July 27, 2023 Order Denying Appellants’ Motion for Rehearing

Status Report Filed with 1st Court of Appeals – 12/14/2022

Status Report Filed with 1st Court of Appeals – 03/10/2023

Sanctions and Contempt Orders

Order From First Court of Appeals Addressing Princeton’s Distribution of Settlement Funds to Its Public Shareholders

Receiver Position Paper on Standing In Texas’ First Court of Appeals

Receiver’s Reply Brief on Standing to Texas’ First Court of Appeals

Receiver’s Response to Motion for Rehearing in Texas First Court of Appeals

Motion to Dismiss Successor Case Filed in Texas’ First Court of Appeals:

Receiver’s Motion to Dismiss for Want of Jurisdiction

Receiver’s Response to Paul Entities’ Request To Delay Jurisdictional Determination

Receiver’s Response to Appeals Court’s October 24, 2023 Order regarding supersedeas bond

Petition for Review

Justice Kelly’s December 12, 2023 order dismissing mandamus as moot

Appellants’ opening brief by A Dozen ‘Intervening’ Paul-Controlled Entities

Appellants’ opening brief by Two Named Judgment Debtors

Receiver Kretzer’s Opposition Brief to Motion to Substitute in Texas Supreme Court

Appellants Great Value Storage LLC and World Class Capital Group, LLC’s Reply Brief and Appendix

Reply Brief of the Intervenor Appellants

Sur Response Brief of the Receiver to Appellants’ Reply Briefs

Appellants’ Joint Motion to Strike Sur-Response Brief of the Receiver

Receiver’s Opposition to Appellants’ Motion To Strike Sur-Reply

Texas’ First Court of Appeals Affirms The Turnover Order In Its Entirety

Appellate Opinion

Judgment

Letter From Appeals Court

Receiver’s Opposition to Extension of Briefing Deadlines

Court’s January 4, 2024 Order Denying Additional Extensions

Receiver’s Amended Motion to Dismiss Appeals Under New Authority of Texas Supreme Court’s Ruling Of March 8, 2024

Receiver’s Response Brief to Intervenors’ Appeal [filed March 25, 2024]

Receiver’s Response Brief to Judgment Debtors’ Appeal [filed March 25, 2024]

Appellants’ Joint Response to Receiver’s Second Motion to Dismiss for Want of Jurisdiction [filed March 25, 2024]

Justice Kelly’s Order carrying motion to dismiss for want of jurisdiction with the merits briefing [April 4, 2024]

Princeton’s notice that it will not file an appellee’s brief incident to global settlement agreement with Paul Entities

Texas Supreme Court

Order From Texas Supreme Court Denying Paul Parties’ Petition For Review As Moot

Mandate from Texas Supreme Court

ADDITIONAL DOCUMENTS

JUDGE URSULA HALL’S ORDER GRANTING RECEIVER FEES [AUGUST 2, 2023]

ORDERS FROM STATE COURT JUDGES DENYING MOTIONS TO UNDO RECEIVERSHIP

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

 

 

 

 

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Fax: 713-929-2019
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