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lawsuit has been filed against Drever Capital Management, the minority owner of Downtown Dallas' The National, alleging mismanagement and potential fraud. The complaint stems from a 2016 investment in the 51-story office tower's conversion to luxury apartments and a hotel. CEO Maxwell Drever raised $28.3 million from individual investors, including those suing him, with promises to spend $240 million on the project.

    However, the investors claim they were not properly notified of a 2018 reorganization of entities used to raise funds for the redevelopment. They also allege that Drever withheld documents and provided misleading information about distributions. The lawsuit notes that Maxwell Drever was sanctioned by the SEC in 2021 for misconduct related to the project, including failing to disclose millions in fees.

    The investors are seeking damages and attorneys' fees. In response, Todd Interests CEO Shawn Todd stated that his company is not a party to the lawsuit and expressed empathy with Drever's financial partners based on their own experiences with him. The $450 million conversion of The National into a luxury mixed-use building was completed in 2020 by Todd Interests after they purchased the tower from Drever in 2019.