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BASIC CAPITAL MGMT. v. DYNEX COMMERCIAL

No. 08-0244.

348 S.W.3d 894 (2011)

BASIC CAPITAL MANAGEMENT, INC., American Realty Trust, Inc., Transcontinental Realty Investors, Inc., Continental Poydras Corp., Continental Common, Inc., and Continental Baronne, Inc., Petitioners, v. DYNEX COMMERCIAL, INC. and Dynex Capital, Inc., Respondents.

Supreme Court of Texas.

Decided April 1, 2011.

Rehearing Denied October 21, 2011.

Attorney(s) appearing for the Case

Lawrence J. Friedman , James Robert Krause , William Carter Boisvert , Friedman & Fieger, L.L.P., William V. Dorsaneo III , SMU School of Law, J. Robert Arnett II , Munck Butrus Carter, P.C., Dallas, TX, John Augustine Sopuch III , The Law Offices of John A. Sopuch III, St. Croix City, TX, Bart F. Higgins , Friedman & Fieger, L.L.P., Carlos G. Lopez , Vincent & Moye, P.C., Kenneth F. Nye , Thomas V. Murto, III, Law Offices of R. Jack Ayres, Jr., G. Michael Gruber , Godwin Gruber, P.C., Christopher Louis Kurzner , Kurzner PC, Michael Lewis Gaubert , Friedman & Fieger, L.L.P., Eric V. Moyè , Vial, Hamilton, Koch & Knox, John Frederick Redwine , Eric Redwine Law Offices, Jamil N. Alibhai , Munck Butrus Carter, P.C., Dallas, TX, Thomas R. Phillips , Baker Botts L.L.P., Austin, TX, Allyson Newton Ho , Morgan, Lewis & Bockius LLP, Houston, TX, Melissa J. Armstrong , Baker Botts L.L.P., Dallas, TX, for Basic Capital Management, Inc.

William Richard Thompson II , Deborah G. Hankinson , Hankinson Levinger LLP, Charles L. Perry , Andrews & Kurth, L.L.P., Dallas, TX, Elana S. Einhorn , The University of Texas School of Law, Austin, TX, Ryan D. Clinton , Hankinson Levinger LLP, Dallas, TX, for Dynex Commercial, Inc.

Justice HECHT delivered the opinion of the Court.

This is an action for breach of a commitment to provide financing for future real estate investments. The borrowers were to be entities that would be formed to hold each investment separately as opportunities arose. We hold that the corporate owners of those entities were third-party beneficiaries of the commitment, and that consequential damages for the lender's breach of the commitment were foreseeable. We reverse...

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