Central to the issue was whether the $350,000 deposited into Platinum One’s account in 2023 were loans from NEXA or capital contributions from Kortas and Grella through their joint company.
The ruling is separate from the ongoing NEXA partnership dispute. That lawsuit was filed in April 2024 and involves NEXA accusing Grella and his wife, Sheridan Murray-Grella, of breaching contracts and fiduciary duties, disrupting business relationships and committing fraud and defamation.
Grella – who co-founded NEXA with Kortas after both left Equity Prime Mortgage in 2017 – was terminated in March 2024 due to buyout talks. Grella has alleged in a separate lawsuit that Kortas improperly used company funds for aircraft-related costs, a claim Kortas denies.
The court on January 23 awarded Platinum One actual damages of $93,911.06, which was tripled to $281,733.18 under Michigan law, and found Kortas and Coffee Capital jointly liable. Platinum One may also seek attorneys’ fees and costs.
Platinum One Lending is a Michigan-based company that was previously partially owned by entities controlled by Kortas and Grella, who also had substantially equal ownership interests in Arizona-based NEXA at the time.
The court found that Platinum One operated a fixed-fee mortgage model and that its ownership structure was designed to obscure true ownership for business reasons, with Kortas not intending the business to be profitable.
Warren wrote in the ruling that he found no evidence of a loan agreement or required member approval. He cited tax returns, accounting records and testimony showing the funds were capital contributions.
“Kortas acted vindictively with the intent to punish Grella,” Warren wrote in the ruling. “All of NEXA’s claims are untenable in light of the foregoing findings of fact and conclusions of law. They all depend on NEXA/Kortas/Grendell making loans to Platinum One, which did not occur. Furthermore, Kortas’ lies, with few exceptions, are unbelievable. There is no factual support for his or NEXA’s claims.”
Kortas commented to HousingWire: “A bee doesn’t waste energy convincing a fly that honey is better than [expletive].”
Grella did not respond to HousingWire’s request for comment at the time of publication.
“NEXA’s claims are conditioned on the funds being loans, which did not happen,” Warren wrote, dismissing all of NEXA’s claims against Platinum One.
In addition to dismissing the claims, the court also ruled that Coffee Capital’s ownership interest in Platinum One was properly terminated and that neither Coffee Capital nor Kortas is entitled to compensation under the company’s operating agreement.
Warren credited the testimony of Grella and Platinum One manager Amber Dmytro, while finding Kortas’ testimony not credible.
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