Wednesday, June 15, 2016
Court filing offers look at breakup of Wallace and Bajjali
Bajjali said Wallace had spending more and more of his time working with ZT Investments, a Houston firm, which led Bajjali to ask ZT and Wallace to buy out his interest in Wallace Bajjali Development Partners in April 2014.
When August arrived and Bajjali still had not heard from Wallace or ZT, he asked Wallace what was causing the holdup.
Wallace said "they were doing due diligence," according to the court document. Wallace assured Bajjali, "We are very close to a deal."
The deal never happened. "It is now clear and evident to Bajjali that David Wallace and defendants (ZT) were conspiring to push Bajjali out of WBDP."
According to the court filing, on August `13, 2014, Wallace "triggered a hostile buy-sell via an e-mail he sent to Bajjali while Bajjali was in the middle of a business meeting in Houston."
Bajjali's filing was part of a countersuit against ZT Investments, which is suing Wallace and Bajjali in Bankruptcy Court.
Eventually both Bajjali and Wallace resigned from Wallace Bajjali Development Partners and offices were closed in Joplin and Texas.