Tony Thompson and TNP’s lawyers have served notice to a federal judge in San Francisco that they wish to sever their relationship with Tony Thompson, and his firm, Thompson National Properties, citing a breakdown in communication and a failure by Thompson and TNP to pay their legal fees.
Both Tony Thompson and Thompson National Properties, also known as TNP, are defendants in a class action lawsuit filed by the Peiffer Wolf Carr & Kane law firm in U.S. District Court in the Northern District of California, brought on behalf of investors in a real estate investment trust Mr. Thompson formerly controlled. The Peiffer Wolf Carr & Kane lawyers have filed three class actions and many FINRA arbitrations on behalf of Thompson National Properties investors, and are preparing to file more cases on TNP investors’ behalf.
“The grounds for the motion are that there has been a breakdown in the attorney-client relationship, including a lack of meaningful communication, that prevents the attorneys from effectively representing the client in this action,” according to the filing. “Counsel also represents Mr. Thompson in a number of other actions in superior court in Southern California and will be seeking to withdraw representation in those cases too.”
Thompson National Properties Claims to Have Executed a Debt to Equity Swap for Over 700 Investors
During the summer of 2014, Thompson National Properties initially solicited investors to exchange their notes for stock in TNP’s real estate venture. Thompson National Properties reported at the beginning of December 2014 that it had completed a debt to equity swap for over 700 investors, according to a press release from the firm.
TNP did not, however, announce terms of the restructuring. In July, TNP reportedly first gave its pitch to investors regarding the exchange in conjunction with a plan to restructure $50 million of debt in the form of five separate TNP-backed note programs sold to investors by independent broker-dealers. TNP then followed that offer with two supplemental offers.
Investment Recovery Attorneys Taking Action on Behalf of TNP Investors
The Peiffer Wolf Carr & Kane investment recovery attorneys represent many TNP investors and have filed several class actions and FINRA arbitration proceedings on their behalf, seeking to recover money they invested in TNP programs such as TNP 2008 Participating Notes, TNP Strategic Retail Trust, and TNP 6700 Santa Monica Boulevard. They are also investigating other TNP programs that have defaulted, such as TNP 12% Notes and Bruin Fund.
The Peiffer Wolf Carr & Kane lawyers take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients. TNP investors who believe they lost money as a result of investment fraud or misconduct may contact the investment recovery attorneys at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 216-589-9280.