According to InvestmentNews, internal disputes between the owners of Gemini Real Estate Advisors could potentially endangers million in loans and investors equity. What started out as a request to reconstruct the company by one owner, William Obeid, has reportedly turned into a federal case.
The dispute appears to have escalated when owners Christopher La Mack and Dante Massaro sued Obeid in North Carolina for alleged abuse of power as the companys operating manacher and for acting outside his authority. Obeid then filed a complaint in New York federal court against Massaro and La Mack.
InvestmentNews reports that Gemini Real Estate Advisors and its partners oversee a real estate portfolio valued at $1 billion. The pending lawsuit could potentially endanger millions of dollars of investor equity. The company was known for tenant-in-common or TICs, and has since focused on private placements.
The foregoing information, which is all publicly available on the InvestmentNews website, is being provided by The White Law Group.
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