owner and president of Dallas-based JMJ Development, wants to sell the property for $9 million and put part of the proceeds toward a receivership that the Gate property and dozens of others Barton owns or controls nationwide are being held in.
Also in September, the U.S. Securities and Exchange Commission filed a civil suit against the Dallas developer. The SEC case followed a two-year investigation.were told they were investing in suburban land development deals for housing communities to supposedly be built in Parker, Kaufman, Tarrant and Johnson counties and possibly elsewhere in North Texas. Among other allegations, tmost of the properties were never actually purchased and investor funds were “misappropriated to other projects.
The Gate property is one of dozens in receivership, along with other high-visibility development sites, includingMandarin Oriental hotel and luxury condo tower at the Turtle Creek site. The motion also asks that the judge bar the receiver from selling another property if the deal for The Gate property goes through.
Barton’s motion argues that “the influx of the $3 million of cash assets into the receivership estate would resolve any short-term cash flow needs of the receiver.”
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