Judge says $350K payment was equity in Platinum One lawsuit

"At the center of the issue was whether $350,000 deposited into Platinum One's account in 2023 constituted loans from NEXA or capital contributions made by Kortas and Grella through their jointly owned company. The ruling is separate from the ongoing NEXA partnership dispute. That litigation was filed in April 2024 and involves NEXA accusing Grella and his wife, Sheridan Murray-Grella, of breaching contracts and fiduciary duties, interfering with business relationships, and committing fraud and defamation."

"The court on Jan. 23 awarded Platinum One $93,911.06 in actual damages, which were tripled under Michigan law to $281,733.18, and held Kortas and Coffee Capital jointly liable. Platinum One may also seek attorneys' fees and costs. Platinum One Lending is a Michigan-based company formerly owned in part by entities controlled by Kortas and Grella, who at the time also held nearly equal ownership stakes in Arizona-based NEXA."

A court found $350,000 deposited into Platinum One's account in 2023 were capital contributions by Kortas and Grella through their jointly owned company, not loans from NEXA. The court cited tax returns, accounting records and testimony showing capital contributions and found no loan agreement or required member approval. The court awarded Platinum One $93,911.06 in actual damages, trebled to $281,733.18 under Michigan law, and held Kortas and Coffee Capital jointly liable; attorneys' fees and costs may be sought. The court found Platinum One used a flat-fee mortgage model, its ownership structure obscured true ownership, and Kortas acted vindictively. Separate NEXA partnership litigation and counterclaims about aircraft-related expenses remain pending.

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