Realty Executives International has been granted a temporary restraining order against ERA Brokers Consolidated, FJM Corporation (formerly known as Realty Executives of Nevada), and Charles J. Moore and Frances E. Moore, the owners of FJM Corporation. The restraining order has been put in place to halt the contested transaction between FJM and ERA, as well as stop FJM Corporation from incorrectly using Realty Executives International (a Realty Executives franchisor) branding and trade names.
- On July 8, Realty Executives International was granted a temporary restraining order against ERA Brokers Consolidated and FJM Corporation for what Realty Executives International calls a "contested transaction" between the latter companies.
- On June 20, FJM Corporation (formerly known as Realty Executives of Nevada) sold 100 percent of its stocks to ERA Brokers Consolidated and consequently became a franchisee of ERA. The next day, on June 21, ERA Brokers Consolidated issued a press release that announced a merger between them and Realty Executives of Nevada.
- Realty Executives International immediately reached out to ERA Brokers Consolidated about the "false and misleading" merger claims and began the process of suing.
- Realty Executives International says it sought the TRO to halt the transaction between ERA Brokers Consolidated and FJM Corporation. Furthermore, the TRO required ERA Brokers Consolidated to issue a revised press release. The revised press release was issued on July 22.
- Now, Realty Executives International has turned their efforts toward an ongoing lawsuit to remedy the breach of contract and civil tort claims.
LIVE NOW: Inman Connect San Francisco
Tune-in now to catch the livestream. Don't miss this chance to see real estate leaders tackle the industry's top problems.