Final Judgment Issued in Collin Creek Mall Redevelopment Case, Confirming Unanimous Jury Verdict for Plaintiffs Seeking to Move Forward with Redevelopment Plans

PLANO, Texas--(BUSINESS WIRE)--A final judgment has been issued in the high-profile lawsuit involving the redevelopment of the former Collin Creek Mall property in Plano.

The judgment confirms a unanimous 12-0 jury verdict in favor of MM CCM 13MC, LLC; MM CCM 48M, LLC; Mehrdad Moayedi; and VM Fund I, LLC, which provided $122 million in financing for the development.

The case, tried by C. Gregory Shamoun and the team at Shamoun & Norman, Richard A. “Dick” Sayles of Sayles Law Firm and Stephen Khoury of Kelsoe Khoury Rogers & Clark, centered on claims by 13MC, the developer, against residential homebuilder Megatel Homes LLC, and included counterclaims and third-party claims by Megatel against VM Fund, Moayedi, and MM CCM 48M, LLC.

In June 2024, the jury unanimously found that Megatel had waived its right of first refusal to purchase the property from 13MC by breaching its contract. The verdict, delivered after three hours of deliberation, rejected Megatel’s counterclaims and third-party claims for breach of contract, tortious interference, alter ego and fraudulent transfer under the Texas Uniform Fraudulent Transfer Act.

The Honorable Christine Nowak, presiding judge of the 493^rd Judicial District Court in Collin County, entered a take-nothing judgment against Megatel on all claims against 13MC, VM Fund, 48M and Moayedi.

The court awarded 13MC $1,073,387.50 in attorneys’ fees, $600,000 in contingent appellate fees for possible future appeals and costs of court. The court also granted VM Fund's request to quiet title to Megatel’s interest in the property, thereby allowing the redevelopment project to proceed as planned, including the conveyance of lots under contract with other homebuilders.

“This final judgment vindicates our clients’ rights and allows them to move forward in redeveloping the Collin Creek Mall area,” said C. Gregory Shamoun of Shamoun & Norman, attorney for 13MC and 48M. “We are pleased with the trial outcome, and we can now make progress on this important project for Plano and Collin County.”

Speaking for VM Fund, its attorney Richard Sayles said, “This final judgment is an overwhelmingly positive outcome for the future of the Collin Creek Mall redevelopment and a great result for its investors.”

The final judgment marks the culmination of a complex and contentious legal battle closely watched by the real estate and legal communities.