Latest news with #FortWorth-based
Yahoo
24-05-2025
- Business
- Yahoo
$1B expansion of Fort Worth Stockyards put on ‘indefinite hold' in legal dispute
Phase 2 redevelopment of the Fort Worth Stockyards may be on hold due to disputes between the project's developers, court documents have revealed. In documents filed on May 6, Majestic Realty Co.'s former executive vice president Craig Cavileer alleged that a dispute between the developer and its local partner for Stockyards redevelopment, The Hickman Companies, resulted in his firing and has stalled the almost $1 billion redevelopment project. 'Phase Two of the project — which would have converted a surface parking area into new mixed-use developments — has been put on indefinite hold,' the lawsuit states. The second phase of redevelopment is expected to double the size of the Stockyards, adding three hotels, 300,000 square feet of commercial space, at least 295 units of multifamily housing and two underground parking garages. The Fort Worth City Council approved economic incentives for the project in June. Developers Majestic Realty and Hickman Companies agreed to invest at least $630 million in the project. Construction has yet to begin. Cavileer filed a lawsuit against Majestic Realty Co. and the company's chairman of the board Edward Roski Jr., who recruited him to join the company in 1993. In court filings, Cavileer alleged Majestic and Roski forced him to suddenly pay back tens of millions of dollars in loans, after he refused to side with the company in a Stockyards-related dispute. The case is being heard by the Superior Court of Los Angeles County. Cavileer's stakes in a number of Stockyards properties were auctioned off on May 6, after Majestic took legal action requiring him to sell them in order to pay back 31 loans he had gotten from Majestic worth a combined $75.9 million. The loans were promissory notes issued to Cavileer by Roski on behalf of Majestic. In court documents, Cavileer states that Majestic's development partners usually receive ownership interests in the company's projects; promissory notes are typically issued to them, so they have enough cash to buy into their share of equity at a project's start. Cavileer alleged Roski promised partners that their debt wouldn't be called in until the property is sold or recapitalized, which would provide the development partner with enough capital to pay off the loans. Cavileer stated he wouldn't have agreed to take the promissory notes without Roski's promise. Cavileer alleged in his over three decades working with Majestic, Roski never called in a debt on a note without a significant capital event — until he demanded Cavileer pay back his loans. He said Roski and Majestic knew he wouldn't be able to pay back the loans without the sale of property. In court filings, Cavileer describes the action as a retaliatory move designed to rob him of the benefits earned from his time with Majestic. He alleged Roski and Majestic called in his loans after he refused to side with the company in a dispute with its Stockyards development partner, Fort Worth-based firm The Hickman Companies. According to a statement Cavileer submitted to the court, Majestic wanted Hickman Companies to invest additional capital into Phase 2 redevelopment, a dispute that resulted in arbitration. 'Roski and Majestic did not consult me before they demanded additional capital from the Hickmans or entered litigation. Despite this, Roski and Majestic demanded that I support their position in the litigation,' Cavileer states in court filings. In the lawsuit, Cavileer alleged Roski and Majestic stopped holding meetings and communicating with him in October. He also asserted that Roski and the company diverted cash distributions he was owed. Cavileer oversaw the creation of Mule Alley, the first phase of redevelopment in the historic district. Majestic fired Cavileer in December, and has since appointed Rick Kline III as lead representative for Stockyards projects. Kayla Wilkie, Majestic's director of design and development for lifestyle and hospitality, left the company on May 14, the Dallas Business Journal reported. Wilkie and Cavileer helped create plans for Phase 2 of redevelopment. Cavileer's legal actions are the latest move in his ongoing legal battle with Majestic. Majestic filed a lawsuit against Cavileer in Superior Court of Los Angeles County on Jan. 2, which alleged he failed to pay back 31 loans worth $75.9 million. The company is seeking the value of the loans plus interest, as well as attorneys fees and other costs incurred in the suit. Cavileer denied Majestic's allegations in documents filed on April 15. Both parties demanded a jury trial in the case. Over a dozen of Cavileer's assets, including a stake in the company that operates Cowtown Coliseum, were auctioned off on May 6. Cavalier's stakes in the management companies that own the Hyatt Place Fort Worth Historic Stockyards, Hotel Drover, Stockyards Hotel and the Stockyards Station shopping center were part of the sale. Also part of the auction were his stakes in the companies that own and operate two warehouses and undeveloped land along Interstate 35W in south Fort Worth and an over 1.1 million-square-foot warehouse at 9449 Silver Creek Road, which was leased by Google in October. Cavileer attempted to stop Majestic from selling his interest in the properties through legal action on the day of the auction, but the court denied his request due to 'lack of sufficient evidence and lack of irreparable harm.' 'If Roski is successful, the forced sale of Cavileer's ownership interests on the auction block will mean that the past 32 years of Cavileer's professional life has been for nothing,' court documents state. Arbitrations that Cavileer instituted against Roski and Majestic in February are still pending. Cavileer alleged Majestic entered into arbitration under the guise of resolving their dispute over his loans, but never intended to come to an agreement. He states Majestic instead used negotiations as a ploy to prevent him from taking additional action that could've protected his interests. Majestic Realty Co. declined to comment on legal proceedings, but a spokesman said the company is continuing 'to focus on our long-term development plans for the Stockyards and our work with our Hickman family partners.' The city of Fort Worth declined to comment on the developers' legal actions. 'The City continues to work with Fort Worth Heritage in support of progress on the second phase of the Stockyards,' said a statement from the city. Stockyards Heritage Development Co., the partnership between Majestic and Hickman Companies, did not respond to a request for comment. Hickman Companies and Cavileer's lawyer also did not respond to a request for comment. Based in Fort Worth, Hickman Companies was founded by entrepreneur Holt Hickman in 1964. Los Angeles-based Majestic Realty is the largest private developer of master-planned business parks in the country.
Business Wire
22-05-2025
- Business
- Business Wire
TXO Partners Announces Dual Listing on NYSE Texas
FORT WORTH, Texas--(BUSINESS WIRE)--TXO Partners, L.P. (NYSE: TXO) ('TXO') announced today a dual listing of its common units on NYSE Texas Inc. ('NYSE Texas'), the newly launched, fully electronic equities exchange headquartered in Dallas, TX. TXO will maintain its primary listing on the New York Stock Exchange (the 'NYSE') and will trade under the same ticker symbol, 'TXO,' on NYSE Texas. 'The founders of TXO have a relationship with the NYSE dating back to 1980, with six listed companies over the last forty-five years,' stated Gary D. Simpson, Co-Chief Executive Officer. 'This new venture is a bold initiative for the exchange and TXO Partners in our home state.' Brent W. Clum, Co-Chief Executive Officer and Chief Financial Officer, commented, 'We are excited to support the launch of the NYSE Texas as a Founding Member. Fort Worth-based TXO Partners is Texas proud as a unique production and distribution company within the energy sector.' 'We are pleased to welcome and list TXO Partners as Founding Members of NYSE Texas,' said Chris Taylor, Chief Development Officer, NYSE Group. 'As pioneers in the energy space, this listing cements both TXO's and NYSE's support for the innovation in capital markets across Texas and we thank Gary, Brent and the TXO team for their continued support of our world-class offerings.' About TXO Partners, L.P. TXO Partners, L.P. is a master limited partnership focused on the acquisition, development, optimization and exploitation of conventional oil, natural gas, and natural gas liquid reserves in North America. TXO's current acreage positions are concentrated in the Permian Basin of West Texas and New Mexico, the San Juan Basin of New Mexico and Colorado and the Williston Basin of Montana and North Dakota. Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this press release may constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the words such as 'possible,' 'if,' 'will,' 'expect,' 'project,' 'budget,' and similar expressions, although not all forward-looking statements contain such identifying words. These forward-looking statements represent TXO's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved, and they are subject to risks, uncertainties and other factors, many of which are outside of TXO's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Axios
22-05-2025
- Business
- Axios
AT&T and Southwest drop in Axios Harris Poll 100 reputation rankings
Dallas-based AT&T and Southwest Airlines took a major hit in this year's Axios Harris Poll examining the reputation of the most visible brands in America. Why it matters: Many customers disapproved of changes Southwest is making to its business model and criticized AT&T over data breaches and a widespread outage last year. What they found: Southwest dropped 12 spots between 2024 and 2025, landing at No. 73. Delta is ranked 48th, United is 69th and Fort Worth-based American Airlines is 74th. AT&T dropped 16 spots, to No. 78. Verizon and T-Mobile's rankings also dropped, though AT&T had the steepest decline. What they did: Axios and Harris Poll have partnered since 2019 to rank the reputations of companies most on the minds of Americans using a three-part framework. Winners: Toyota Motor Corp. rose eight spots to No. 4 this year. The company has 6,600 employees at its North American headquarters in Plano. JPMorgan Chase, which has a regional headquarters in Plano, jumped 16 spots to take No. 21. Both companies are among the "fastest risers" in the 2025 rankings. Losers: PepsiCo, which has its Frito-Lay North America headquarters in Plano, fell 20 spots to No. 42 and is among the ranking's "fastest droppers." Between the lines: For years, Southwest had a sparkling reputation for customer service, building a famously loyal following nationwide. But the airline's holiday season meltdown in 2022 exposed its outdated technology, resulting in a $800 million loss and $140 million fine from the U.S. Department of Transportation. Now, the airline is abandoning its well-known perks and completely changing its traveler experience to boost revenue. Meanwhile: AT&T reported two data breaches last year and had a network outage in February 2024 that left thousands of customers without service. The company said last year that hackers stole phone call and text message information of "nearly all of AT&T cellular customers" from May to October 2022 and on Jan. 2, 2023. The FCC fined AT&T $57 million for "failing to reasonably protect its customers' location information." After investigating the 2023 breach, the FCC concluded that AT&T should have done a better job of protecting customer data shared with vendors. The company agreed to a $13 million settlement in the 2023 case.
Yahoo
13-05-2025
- Business
- Yahoo
Marc Walraven Raises Awareness for Simplicity in Urban Farming Solutions
Fort Worth-based innovator advocates for low-tech tools to fight food deserts and empower underserved communities FORT WORTH, TX / / May 13, 2025 / Marc Walraven, founder of UrbanRooted Innovations, is calling attention to the power of simplicity in tackling one of America's overlooked challenges: food deserts. Through his work designing low-cost, low-tech vertical farming systems, Walraven is raising awareness about how communities can take food access into their own hands-without relying on expensive technology. "There's this idea that everything has to be connected to Wi-Fi or come with an app," Walraven says. "But most people just need something that works. They need tools they can fix themselves." Food deserts - areas where residents lack access to affordable and nutritious food - affect over 19 million Americans, according to the USDA. In urban environments like Fort Worth, families are often surrounded by fast food chains but have no nearby grocery store. This lack of access contributes to poor health, limited food education, and a sense of disconnection from how food is grown. Walraven's solution is straightforward. His SkyGrow system, built from recycled parts and powered by solar energy, uses aeroponics to grow plants without soil. The systems are already in use at schools, community centres, and even veterans' groups in Fort Worth. In one example, six towers behind a middle school cafeteria gave students their first taste of fresh basil-grown by their own hands. "I grew up in a neighbourhood where we didn't always have healthy food options," Walraven says. "This isn't just about nutrition - it's about dignity and ownership." Unlike many agricultural tech ventures, Walraven rejects overengineering. His systems can be built and maintained with basic tools, making them ideal for schools, households, and underserved communities. He offers free workshops across Fort Worth to share his process and empower others to start small, build locally, and solve real problems with what they have. "Engineering taught me that simplicity is harder than it looks," Walraven explains. "But it's also more useful. If you can fix it with a screwdriver, you've got something that can last." Walraven encourages people not to wait for big solutions. Start with what you have. A container, some tubing, and a willingness to learn are often enough. Whether it's a classroom, a backyard, or a rooftop, growing food doesn't need to be high-tech - it just needs to be hands-on. About Marc Walraven Marc Walraven is a Fort Worth-based engineer, urban farming innovator, and founder of UrbanRooted Innovations. He designs solar-powered vertical farming systems that help individuals and communities grow fresh food in tight spaces, with minimal water and simple tools. His focus is on real-world solutions that reduce food insecurity and empower people to grow for themselves. Contact: info@ learn more about Marc's story, read the full interview here. SOURCE: Marc Walraven View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-05-2025
- Yahoo
Sexual assault on American Airlines flight result of ‘culture of indifference,' lawyers say
The sexual assault of a woman onboard an American Airlines flight was the result of indifference and profit-driven policies at the airline, the woman and her lawyers told reporters on Wednesday. The woman, Barbara Morgan, filed a lawsuit against the Fort Worth-based airline in federal court in California on April 24. Morgan reported that she was assaulted by the man sitting next to her on a 2024 flight from San Francisco to Dallas, the Star-Telegram previously reported. Morgan was traveling with her husband to visit their son, who had recently completed military service and graduated from Harvard University, she said during a online press conference Wednesday. The airline assigned Morgan a seat separate from her husband and told her she would have to pay extra to be seated next to him, according to the lawsuit. If Morgan had been allowed to sit next to her husband without an extra charge, the assault never would have occurred, her lawyers said. When the man started groping her Morgan said, she froze in fear and was afraid of reporting it immediately because of the possibility of retribution from the man, Cherian Abraham, or from other passengers if the plane had been diverted as a result. Morgan's lawyers also allege that American Airlines was negligent when it allowed Abraham to fly with the airline, according to the lawsuit. Abraham had been previously reported to American Airlines for allegedly sexually assaulting a woman onboard a flight in 2023, Morgan's attorneys said in a statement. Abraham, 55, also is named as a defendant in the lawsuit. Representatives for American Airlines and a lawyer for Abraham did not immediately respond to a request for comment. 'When [Morgan] reported her assault, American Airlines both failed to respond and completely disregarded her,' Daisy Ayllon, a lawyer for Morgan, said. 'This lawsuit seeks to hold both the individual and the airline accountable, and to send a message to other survivors: your voices matter, your safety matters and you deserve to be treated with dignity when you fly.' Abraham has been indicted on a federal charge of abusive sexual contact after authorities said he groped a 22-year-old woman onboard another American Airlines flight in a separate incident earlier this year, the Star-Telegram previously reported. 🚨 More top stories from our newsroom: → Texas, Fort Worth officials warn of dire impacts of Head Start cuts → 2 arrested in North Texas triple homicide. 3rd man exonerated → Woman assaulted on American Airlines flight files federal suit [Get our breaking news alerts.]
