U.S. District Court Dismisses ‘Baseless’ Claims Against Gemini Real Estate Advisors’ Principals

NEW YORK, Nov. 01, 2016 (GLOBE NEWSWIRE) -- A federal judge has dismissed 7 of 11 claims filed against Gemini Real Estate Advisors’ (“Gemini’s”) Dante Massaro and Christopher La Mack by the former president of Gemini. The lawsuit, which was filed by William Obeid on Aug. 14, 2014, in the U.S. District Court for the Southern District of New York, claimed, among other things, that Massaro and La Mack had infringed on Gemini’s trademark, committed computer fraud, and breached Gemini’s operating agreement.

“We are pleased that the court dismissed the majority of Mr. Obeid’s claims, because we knew that they were not only baseless, but purely fictional,” said Dante Massaro, Gemini’s CEO and president. “We look forward to the remaining claims being dismissed at summary judgment as well as to pursuing our claims against Mr. Obeid for his misconduct.

“In the meantime, what we’re most pleased about is being able to move on from some of the numerous legal proceedings that Mr. Obeid has used to stymie Gemini’s business and prevent us from working on behalf of the best interests of our stakeholders,” Massaro said.

U.S. District Judge Laura Taylor Swain ruled against Obeid on Sept. 30, 2016, dismissing a total of 14 of the 21 claims he filed against Massaro, La Mack, and additional defendants unrelated to Gemini who Obeid named to the amended lawsuit on July 17, 2015. Massaro and La Mack have counterclaimed on behalf of Gemini that Obeid, among other things, committed fraud, breached his fiduciary duties, and breached Gemini’s operating agreement.

About Gemini Real Estate Advisors
Based in Charlotte, N.C., Gemini is a vertically integrated real estate investment and operating company that manages more than 2.5 million square feet of property in nine states across the United States. Gemini’s disciplined and entrepreneurial approach to investing built a portfolio of assets that are well positioned to generate cash flow and achieve growth of capital. Gemini currently owns a portfolio of shopping centers, hotels and fixed income investments with a value of approximately $700 million. We manage our investments with the focus of an owner because our principals invest their own funds alongside investors. We continually review our value maximization strategy for each of our properties, carefully monitoring expenses and optimizing revenue potential.

Contact: Andy McGowan andy@watkinsmcgowan.com (404) 834-3481

Source:Gemini Real Estate Advisors