David Montelongo Sued By InvestorPosted: September 15, 2007
The San Antionio Express-News Reports:
The lawsuit, brought by David Escalante of California, alleges that he gave David Montelongo and his company, Montelongo Developments LLC, $5,000 in earnest money and $500 in option money for a 17 percent share in a 14,000-square-foot retail development on a 4-acre tract in Schertz.
The deal was outlined in a partnership agreement that Montelongo drafted, the lawsuit alleges.
The lawsuit claims that Montelongo used the money to put the land under contract, but never signed the partnership agreement.
Montelongo told Escalante he had decided to pursue the deal with a different party, claims Todd Prins, the San Antonio lawyer representing Escalante in the suit.
Montelongo never returned the earnest money, Prins said.
Escalante and his investment company, Pres Estate LLC, are seeking “our share of the deal,” Prins said.
“We’re not seeking anything else than what was agreed to in the beginning,” he said, adding that Montelongo could buy his clients out of the partnership agreement.
Read the entire story for additional details. FlipThisLawsuit will post the complaint and other documents as soon as we can obtain them from the courthouse.
[Hat tip to the numerous people who submitted the article to us.]