GRETNA – A local real estate company is suing former business partners who they co-owned a building with for allegedly withholding accounting information on Hurricane Katrina insurance proceeds and investments.
Khoobehi Properties LLC filed suit against Baronne Development No. 2 LLC, Kailas Family Limited Partnership and Kailas Properties LLC in the 24th Judicial District Court on Nov. 25.
Khoobehi Properties alleges that it is a former member and owner of 13 percent interest along with Baronne Development No. 2 LLC, Kailas Family Limited Partnership and Kailas Properties LLC in a building located at 210 Baronne St. in New Orleans. The plaintiff asserts that shortly before Hurrican Katrina until it terminated its membership in the building it received very little cash or asset distributions from the partnership. Khoobehi Properties claims it was never allowed to see a complete accounting of the property or the books and records that should have been maintained on the building.
On May 9, Kailas Family Limited Partnership bought Khoobehi Properties’ interest in the property, but did not disclose ongoing dealings with third party investors to buy the building, the suit claims.
The defendant is accused of breach of contract.
The plaintiff seeks a full and complete accounting of all insurance proceeds, accounting of disbursement of insurance proceeds and a full and complete accounting of all business operations since partnership formation.
Khoobehi Properties is represented by George D. Fagan of New Orleans-based Leake & Anderson LLP.
The case has been assigned to Division P Judge Lee V. Faulkner Jr.
Case no. 733-258.