Excerpts from Kate Moran, The Times-Picayune
Texas businessmen Richard Weyand and Peter Thiessen bought the theater in 2006. Weyand has a business address in Frisco, Texas. The owners, who already owe $20,350 in delinquent property taxes and interest to the city, have not responded to an April 2 warning letter sent by the commission.
While the theater deteriorates, Weyand has been parrying lawsuits in at least one state court and two federal courts. A group of investors sued him in federal court in Dallas in alleging he defrauded them of millions of dollars on an oil and gas deal in the Vinton Dome area of Louisiana.in an April ruling, a federal arbitration panel found "clear and convincing evidence" of fraud in that case.
That panel awarded more than $14.4 million in damages to the investors who had entrusted money to several companies controlled by Weyand, who is personally responsible for $13.4 million of the total claim.
Meanwhile, Paragon National Bank has sued Weyand and his wife, KayLynn, in federal court in Memphis over a delinquent loan for a project in Oxford, Miss. The couple owes the bank more than $2 million plus accrued interest.
Weyand and several business partners are also fighting a lawsuit in state court in Connecticut over a hedge fund gone bad.
Be careful with your investment money. People like Thiessend and Weyand and their ex-business partner Kelly Rogers also of Frisco Tx, who was connected to a major ponzi scheme, have no morals and will just steal it.
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