BREAKING: Metacomet Lawsuit Settles in RI Superior Court
Another chapter of the Metacomet saga has closed.
Following the sale of Metacomet, the five owners found themselves in Rhode Island Superior Court to decide the split of the money.
The “Faxon 5,” as they have become known, split into two groups with VM Parkway LLC (Tim Fay & Mike Hanna) and Karl Augenstein becoming the plaintiffs in a lawsuit against defendants Metacomet Investors LLC (Brad Faxon, Stephen Napoli and Brendan Vandeventer).
Basically, Metacomet Investors LLC did not believe that VM Parkway/Augenstein deserved any money from the sale.
Metacomet Investors LLC argues in the documents that Augenstein did not put in any/enough capital (money) to be part of the pay out.
However, Stern ruled that he did not have too.
In a ruling that came down on August 28, 2024, Judge Brian Stern ruled that the percentage interests in the sale of Metacomet are the following:
VanDeventer – 26.89%, Faxon – 26.89%, Napoli – 26.89%, VM Parkway LLC (Tim & Mike Hanna) – 14.23% and Augenstein – 5.10%.
According to the decision, the group will now meet to determine the distribution of money based on the above percentages.
Read the Decision Below:
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“The recent decision regarding the sale of Metacomet Country Club has brought to light an unfortunate instance of opportunistic behavior. In the case of Vandeventer et al., we see a clear example of what is commonly referred to as a ‘registered opportunist,’ where an individual use “OPM” Other Peoples Money a situation for personal gain, often at the expense of others’ interests and investments.
Perhaps if Vandeventer et al. had been more familiar with the principles outlined in Yale University Professor Barry Nalebuff’s book, ‘Split the Pie: A Radical New Way to Negotiate,’ they could have approached the negotiations with a more principled and fair-minded strategy. After all, negotiations can be incredibly stressful, often bringing out the worst in people. It would indeed be better if there were a way to negotiate that was based on fairness and mutual respect.
Let this be a cautionary tale for those who find themselves in similar situations. Treating others fairly in negotiations will not only create a more ethical and respectful environment but also help to ensure that you, in turn, are treated fairly. A word to the wise, indeed.”