Carrollton Gateway Development Partners, LLC v. Namhawk, LLC, et al.

Summary

The United States Bankruptcy Court for the Northern District of Texas grants Carrollton Gateway Development Partners, LLC’s motion for summary judgment against Namhawk, LLC on a breach of settlement agreement claim. The court concludes that Namhawk breached its obligations to pay $500,000, make monthly delay payments, provide a deed of trust, and provide information concerning the property’s sale. After crediting a $50,000 foreclosure-sale bid and ending delay payments as of foreclosure, the court awards $490,000 and directs the debtor to submit a form of judgment.

Holdings

1. The debtor was entitled to summary judgment because the settlement agreement was valid and clear, Namhawk breached its payment and related obligations, and no genuine dispute of material fact existed regarding liability.
2. The debtor was entitled to $490,000 in damages: $500,000 in settlement funds, plus $40,000 in delay payments accrued through the October 1, 2024 foreclosure, less the debtor's $50,000 credit bid.
3. Namhawk could not obtain a reduction under Texas Property Code section 51.003 because it did not request, prove, or obtain a finding of the property's fair market value as of the foreclosure date.

Questions Presented

1. Whether the debtor was entitled to summary judgment on its breach-of-contract claim based on Namhawk's undisputed failure to perform the settlement agreement.
2. Whether the debtor's recoverable damages included the $500,000 settlement obligation and monthly delay payments through the foreclosure date, offset by the debtor's $50,000 foreclosure credit bid.
3. Whether Namhawk could avoid or reduce the deficiency without requesting, proving, and obtaining a fair-market-value finding under Texas Property Code section 51.003.

Disposition

other