American Marconi Wireless News - Affidavit Confirms No Evidence of Zac Richards' Allegations of a Fraudulent Transfer by GVA

Affidavit from Overwatch

Since then, Overwatch Fund principal Ben Loughry has delivered a signed and notarized affidavit addressing the document provided by Richards. The affidavit states, in relevant part, that:

"During the course of Overwatch's recent litigation against GVA, Overwatch was provided with a spreadsheet from a former GVA employee (Zac Richards) that indicated that GVA and Alan Stalcup had transferred at least $100 million into various trusts in order to defraud creditors, including Overwatch. As part of its ongoing litigation, Overwatch diligently investigated that issue, including pursuing discovery related to the alleged trust transfers at the trial court and appellate court levels. Ultimately, Overwatch was unable to identify any evidence supporting Mr. Richard's allegations that GVA had transferred at least $100 million into trusts in order to defraud creditors."

Overwatch's lawsuit against GVA has been dismissed with prejudice by the Travis County District Court, and all litigation between the two parties has come to a close.

GVA's Lawsuit Against Richards

GVA has filed its own lawsuit against Richards concerning the alleged dissemination of this and other documents. The suit levels claims of business disparagement, breach of contract, and misappropriation of trade secrets against Richards, who is bound by certain confidentiality agreements made at the time of his employment and termination.

GVA believes that Loughry's affidavit gives independent confirmation that the allegations derived from Richards' documents are wholly unfounded. They furthermore believe the outcome of the litigation against Richards will reflect this confirmation and provide due relief and reparation for the extensive ongoing damages suffered by GVA as a result of the allegations.

"After months of speculation and confusion, Ben Loughrey's affidavit shows just how baseless and pointless the various disputes built around Zac Richards and his documents have been," said Alan Stalcup, founder and CEO of GVA. "I am confident that the remaining litigation will soon come to the same conclusion."

About GVA Property Management

GVA is a commercial real estate operator and investor specializing in multifamily apartment communities across the Southeastern United States and Texas markets. GVA was founded with a mission to make a positive impact on communities, deliver strong returns for investors, and provide exceptional career opportunities for employees.

Affidavit

Contact:

Michael Oberrender
512.497.0797
[email protected]

# # #

SOURCE: GVA Management

View the original press release on ACCESS Newswire

F.Pedersen--AMWN