Overview
- The parties issued a joint statement Tuesday saying constructive discussions are underway and progress has been made toward a mutually acceptable resolution.
- Robinson, Admiral Capital Group and two subsidiaries sued Friday in Texas Business Court, naming Bassichis along with Vero Capital GP and US Living Structured Fund.
- The complaint claims more than $34 million was diverted, including about $18 million from 2024 refinancing proceeds allegedly shifted to Bassichis-controlled entities.
- A detailed damages list seeks recovery plus exemplary damages, including $9.21 million from refinancing proceeds, over $15.4 million in misappropriated funds, and over $9.4 million tied to subsidized payroll and operations.
- Bassichis denies wrongdoing and has called the dispute a business disagreement, while no motion to dismiss has been filed as talks continue.