Monday, January 26, 2015

Wallace drops bid to force Bajjali out, can't afford the cost

Wallace doesn't want anything to do with Bajjali, but he's stuck with him.

Documents filed in Fort Bend County, Texas District Court indicate that Wallace-Bajjali Development Partners CEO David Wallace tried unsuccessfully to force his partner of nine years, Costa Bajjali to sell his 50 percent share of the business.

In a lawsuit filed December 22, Wallace said he had sent a letter to Bajjali August 14 saying he was exercising his option under their original partnership agreement to buy him out for $200,000. 

Bajjali informed Wallace on December 12 that he did not intend to sell his share of the company.

On January 13, Wallace filed notice that he was dropping the effort. That decision came one day before Wallace filed a request in Fort Bend County District Court to reduce the amount of support he has to pay to his ex-wife Kathryn Lynn Wingo.

"The petitioner lacks the ability to provide spousal maintenance in the amount ordered, lacked property that could be sold, mortgaged, or otherwise pledged to raise the funds needed, attempted unsuccessfully to borrow the needed funds and knows of no sources from which the money could have been borrowed or otherwise legally obtained."

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