SE Texas Record

Sunday, December 8, 2019

Texas couple who invested $100,000 in financially distressed bar & grill claim they have not been repaid after business' turn around

By Marian Johns | Nov 14, 2019

Money

GALVESTON — A Texas couple who invested $100,000 and hundreds of man hours in the renovation of the Tipsy Turtle bar, which was in financial distress, claim that the  business now generates six-figure profits but they have not been repaid. 

Terry and Mandy Boike, MJT TX Management, LLC filed a complaint Oct. 28 in Galveston County District Court against James Somerville, Shop Beach Buddies, LLC doing business as Tipsy Turtles Seaside Bar & Grill alleging breach of contract, negligence, negligent misrepresentation, fraud and breach of fiduciary duty.

In their suit, the Boikes' claim they were excluded "from any involvement in the business" and the defendants have "wrongfully retained or converted more than $200,000 in profits that should have been shared" with them. 

"Somerville breached his contract and fiduciary duties by concealing the profits, by misappropriating company assets for personal benefit, and by failing to repay the Boikes’ investment," the plaintiffs allege in the suit. 

The plaintiffs seek monetary relief between $200,000 and $1 million, trial by jury, interests, litigation costs and all other just relief. They are represented by Robert Booth of The Mills Shirley Law Firm LLP in Galveston. 

Galveston County District Court case number 19-CV-2027

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Galveston County District Court