The future of Frisco’s $2 billion Wade Park project could be more uncertain after a bankruptcy case containing fraud allegations was filed last week – and it could take years in court to untangle.
Atlanta developer Stan Thomas, the original developer behind Wade Park, claimed in a petition filed Aug. 27 in U.S. Bankruptcy Court in Georgia that his company was defrauded out of the high-profile Frisco development project.
The petition alleges that New York-based Gamma Real Estate, its president, Jonathan Kalikow, and others wrongfully schemed to get control from Thomas of the stalled development in Frisco.
“It’s like they’re writing a novel,” said Sid Scheinberg, a Dallas bankruptcy attorney who reviewed the filing at the request of the Dallas Business Journal. “I’ve never seen one written quite like this. It’s fascinating.”
RELATED: Lawsuit claims developer Stan Thomas was defrauded out of hundreds of millions in Wade Park project
Click here for more on this story.
