Daniel J. Moos, et al vs. Prime Income Asset Management, LLC, et al

  • Court: Texas State, Dallas County, District Court
  • Case Number: DC-20-17668
  • Filed: November 25, 2020
  • Judges: Aiesha Redmond
  • Case Type: Other (Civil)
  • Cause: Breach of Contract

Parties Involved

  • Plaintiff(s):Daniel J. Moos | Cobblestone Ventures Partners, LP | Cobblestone Ventures II, LLC
    • Counsel for Plaintiff:Royce B. West | Craig Alan Capua | Eric Steven Smith | Mark L. Johansen


  • Defendant(s): Prime Income Asset Management, LLC| Prime Income Asset Management | Pillar Income Asset Management, Inc. | Bradford Phillips
    • Counsel for Defendants: C Gregory Shamoun | Brian Norman | Michael L. Hood 

Verdict Information

  • Verdict Date: April 25, 2024
  • Damages awarded to Plaintiff(s): $6.5 million
    • Breach of Contract: $4.2 million
    • Attorney’s fees: $2.3 million


About the Case


The causes alleged in the original petition revolved around the actions of Pillar Income Asset Management, Inc., Prime Income Asset Management, LLC, and Bradford Phillips, an influential shareholder.

Pillar and Prime were accused of breaching Daniel J. Moos’ employment contract by failing to pay the owed termination payment, fully compensate accrued bonus payments, and allow Moos to exercise stock options after terminating his employment without cause in August 2020. Additionally, Pillar allegedly employed pressure tactics by falsely claiming Moos owed $3.3 million in promissory notes in an attempt to coerce him into abandoning his claims.

Furthermore, Bradford Phillips was accused of attempting to deprive Moos of his 2% membership interest and associated distribution payments in Victory Adobe Properties, LLC (VAP), a joint venture between Transcontinental Realty Investors, Inc. and Macquarie Group Limited. Phillips was also alleged to have wrongfully claimed ownership over HGH Residential, LLC (HGH) and its assets, creating a cloud on the title held by Cobblestone Ventures Partners, LP, the rightful owner.


The alleged injuries resulting from the defendants’ actions were multifaceted. Moos claimed he was deprived of at least $5,969,500 in benefits owed under his employment contract, including the termination payment, accrued bonus payments, and potential profits from exercising stock options. Consequently, Moos sought monetary damages for the breach of contract. Furthermore, declaratory judgments were sought to affirm that Moos was not obligated to pay the promissory notes prematurely, confirm his ownership of the VAP membership interest and associated distribution payments, and establish Cobblestone’s sole ownership of HGH and its assets. Additionally, Phillips’ actions created an improper cloud on Cobblestone’s title and ownership of HGH and its associated real estate assets.


Consequently, Moos sought monetary damages for the breach of contract, as well as declaratory judgments affirming his lack of obligation regarding the promissory notes, confirming his ownership of the VAP membership interest, and establishing Cobblestone’s sole ownership of HGH.

 Jury Verdict

The jury awarded Daniel Moos a total of $6.5 million in damages, comprising $4.2 million for breach of contract and an additional $2.3 million to cover attorneys’ fees. Furthermore, the jury determined that Moos had not assigned his interest in the real estate joint venture and affirmed him as its legitimate owner. Consequently, he is entitled to access more than $15.7 million currently held in the registry of the court.