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On Thursday, the Orange County Superior Court approved an investor settlement and dismissed derivative claims against investment manager TwinRock Partners. The order, issued by the Honorable Layne H. Melzer, concludes a multimillion-dollar dispute arising from a failed student-housing investment in Columbia, Missouri.
The lawsuit alleged that TwinRock fraudulently induced 30 investors to acquire and operate a $14.7 million student-housing complex in Columbia. According to the complaint, TwinRock failed to disclose an expected decline in student enrollment. As enrollment dropped, so did occupancy. The property fell behind on its loan payments and was ultimately foreclosed upon, causing the investors to lose their entire capital investment.
The lawsuit further alleged that TwinRock offered to buy out the investors for “a meager 10%” of their original investment in exchange for a release of all claims. The investors who declined and instead pursued litigation, represented by EDGE, secured a settlement returning 100% of their original investment. In approving the settlement, the Court described the recovery as “fair and reasonable because it is essentially a reimbursement of [the investors’] initial capital investment.”
The approval and dismissal order brings finality to more than three years of complex litigation. “This is a very welcome ending,” wrote one investor, adding “this long journey has finally come to a close thanks to EDGE.”
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