HOUSTON - An apparent dispute over an assignment of an ownership interest in an investment fund has resulted in legal action.
In recent court papers filed Feb. 20 in the Houston Division of the Southern District of Texas, Harris County resident Dennis E. Murphee requests a declaratory judgment against Albuquerque, N.M., resident Ned A. Godshall.
Murphee explains that he and Godshall were bounded by a written partnership interest assignment dating back to 2001 which was executed when Godshall consented to purchase a percentage interest in an investment fund managed by Houston-based Murphee Venture Partners.
The plaintiff, who is the company's managing director, shows Godshall agreed to pay $87,500 in exchange for a percentage of his ownership interest in the fund.
The defendant also agreed "to adopt and be bound by the terms and provisions of the agreement of general partnership together with any amendments."
"In short, Godshall and Murphree expressly agreed that the agreement’s terms control over any other alleged agreements – written or oral – unless such agreements were reduced to writing and executed by them," the original petition says.
According to the suit, no additional agreements or modifications were made to the agreement since its execution, however, Godshall recently notified Murphee that the money he paid to obtain an interest in the fund "was not an investment but rather a loan" as well as demanded an amount equal to both his original investment plus "hundreds of thousands of dollars in interest" be remitted to him.
Murphee additionally claims that the respondent purportedly threatened litigation against him.
A jury trial is requested.
Attorney Charlie Parker with Yetter Coleman LLP in Houston is representing the plaintiff.
Case No. 4:13-CV-453