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Started By
Message
re: 'Fixer Upper's' Chip Gaines sued by former business partners for fraud
Posted on 4/28/17 at 12:06 pm to thelawnwranglers
Posted on 4/28/17 at 12:06 pm to thelawnwranglers
quote:
He could have created any entity for this and didn't owe a duty to his partners for this. They wanted to use the name Magnolia, but didn't have to
He could have, but he was being cheap/greedy.
I doubt he could have launched a brand new real estate agency with all the licenses, and other start-up expenses for just $5,000.
Now, if Chip was cool, he could have been like, "Hey guys, I've been tapped to star in this new TV show and it should also bring in a lot of business for our agency too! Are you in???" And everyone would have had a great time.
Except Chip was a greedy bastard.
1
Posted on 4/28/17 at 12:06 pm to Ex-Popcorn
quote:
Wrong. That's the point. That would be usurpation of business opportunity...another breach.
Wait, are you saying that entering into a television show contract would be usurping a business opportunity of a realty company?
By the way, any type of partnership agreement or LLC agreement, etc. will have a "Other Ventures" provision in it.
Posted on 4/28/17 at 12:08 pm to Ex-Popcorn
quote:
he knew his ship was taking off
Oh yeah. As I mentioned earlier, they may as well sue him for failure to divulge the winning lottery numbers too.
Posted on 4/28/17 at 12:09 pm to TDFreak
quote:He didn't use the real estate company for the show. That isn't even alleged. The only thing alleged is that he had knowledge that the value of the real estate company brand name might increase because of chips appearance on a 1 hour tv special and he didn't tell that to his partners.
I doubt he could have launched a brand new real estate agency with all the licenses, and other start-up expenses for just $5,000.
This post was edited on 4/28/17 at 12:13 pm
Posted on 4/28/17 at 12:11 pm to Ex-Popcorn
quote:Good god I hope you aren't a lawyer.
Wrong. That's the point. That would be usurpation of business opportunity...another breach. See? That's the rub.
Posted on 4/28/17 at 12:12 pm to PearlJam
quote:
Good god I hope you aren't a lawyer.
I like his enthusiasm. Posted on 4/28/17 at 12:20 pm to Mo Jeaux
quote:
Mo Jeaux
shite like that is why nobody likes lawyers.
Posted on 4/28/17 at 12:22 pm to RedRifle
quote:
The scorned business partners say Gaines bought their shares of Magnolia Realty for $2,500 each while working with HGTV on the future hit show
Did he contact HGTV on behalf of magnolia realty?
If not, good luck..
Posted on 4/28/17 at 12:25 pm to RedRifle
Sorry, guys, but Fixer Upper is not popular because of the Magnolia name. People watch because of the wife.
Posted on 4/28/17 at 12:26 pm to mikelbr
quote:
The ex partners have a case if he intentionally got them out of the picture and low balled them in a payoff because of the future HGTV deal. Now if it was coincidence then it's a different story.
nah, the show had the same percentage of possibly falling flat
Posted on 4/28/17 at 12:27 pm to Mr. Hangover
Posted on 4/28/17 at 12:31 pm to thelawnwranglers
quote:
but the business being featured in a tv show is material.
Chip: Hey guys. I've got an idea for a TV show here in Waco!
Partners: Big TV show? Here in Waco? Who the eff would watch that? GTFO! All those other shows feature million dollar homes! Give me my $2500, and go dig your own grave!
Posted on 4/28/17 at 12:34 pm to TheCaterpillar
quote:
Is Waco that fricking cheap?
It's Waco
Posted on 4/28/17 at 12:34 pm to Ex-Popcorn
quote:
There is absolutely no other answer other than he knew his ship was taking off and wanted all of the profit to the exclusion of his current partners
While I don't disagree, for arguments sake why did the partners sell? I mean it was a $5,000 transaction. If we were talking $50,000 when the company could be worth $5 mil or something that's one thing. But the partners were bought out for a measly $5,000, most likely because they knew there really was nothing to the business but a name.
Did Chip buy them out of a business or did he just buy them out of the name? It seems to me like it was just the name, and therefore they have very little standing.
Posted on 4/28/17 at 12:35 pm to mikelbr
quote:
shite like that is why nobody likes lawyers.
Except when someone's jealous, douche bag ex-partners get upset that they bet on red instead of black and want some of your money that they had absolutely nothing to do with making. 
Posted on 4/28/17 at 12:39 pm to League Champs
quote:
Chip: Hey guys. I've got an idea for a TV show here in Waco. GIve me your shares of the company for $2500 each or I'll meet you at Sonic and whip both of your arses!
Posted on 4/28/17 at 12:50 pm to tigerpimpbot
Shiplap bitches!!
Posted on 4/28/17 at 12:56 pm to tigerpimpbot
On his way to the Sonic as we speak
Posted on 4/28/17 at 1:03 pm to Titus Pullo
quote:
Lewis and Clark
Not only are they that, but the Clark is a Richard Clark...so, Dick Clark.
Posted on 4/28/17 at 2:03 pm to Mo Jeaux
quote:
Wait, are you saying that entering into a television show contract would be usurping a business opportunity of a realty company?
No. You aren't able to follow. Buying up magnolia knowing (or suspecting) that it was going to be the primary beneficiary of the show (and as we now know...it was) was the problem
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