Affidavit Confirms No Evidence that GVA Made Improper Transfers
Overwatch Fund Found No Support for $100M ‘Trust Transfers ', Allegations Made by Zac Richards ‘Fabricated '
AUSTIN, TX / ACCESS Newswire / February 19, 2026 /GVA Property Management, an Austin-based multifamily real estate investment and operating company, today announced that it has received an affidavit from Overwatch Fund principal Ben Loughry stating that a thorough investigation yielded no evidence to support allegations that GVA made improper transfers to defraud creditors. Zac Richards, a former GVA employee fired for cause, provided the fraudulent information that Overwatch relied on in filing their case and none of it could be verified. The lawsuit was thereafter dismissed.
Overwatch made speculative investments in GVA-operated properties prior to a series of systemic challenges faced by the commercial real estate sector due to unexpected inflation and interest-rate hikes. Losses incurred by Overwatch during this time and the fraudulent information supplied by Richards led them to pursue a lawsuit against GVA alleging that the latter made improper transfers to defraud creditors such as themselves.
Mr. Loughry has now provided GVA with a signed, notarized affidavit addressing this claim. The affidavit states, in relevant part, that:
"During the course of Overwatch 's recent litigation against GVA, Overwatch was provided with a spreadsheet from a former GVA employee (Zac Richards) that indicated that GVA and Alan Stalcup had transferred at least $100 million into various trusts in order to defraud creditors, including Overwatch. As part of its ongoing litigation, Overwatch diligently investigated that issue, including pursuing discovery related to the alleged trust transfers at the trial court and appellate court levels. Ultimately, Overwatch was unable to identify any evidence supporting Mr. Richard 's allegations that GVA had transferred at least $100 million into trusts in order to defraud creditors."
Overwatch 's lawsuit was dismissed with prejudice by the Travis County District Court. All litigation between the two parties has come to a close.
"It 's good to finally see these baseless allegations against GVA and me put to rest," said Alan Stalcup, founder and CEO of GVA. "The internal documents Zac Richards took and altered to create a false appearance of fraud have now been shown for what they are-fabricated. We remain committed to clearing our name, and this is an important reminder that the truth ultimately prevails."
"Ben Loughry 's affidavit brings much-needed clarity to a regrettable narrative," added Todd Reed, managing partner at Budnik & Reed and counsel to Mr. Stalcup. "The case for GVA 's alleged transfers to defraud creditors is not weak or inconclusive-it 's nonexistent. We 're satisfied that the record is now clear on that point."
In a related case, GVA is actively suing Richards for providing stolen and false documents to other investors, in addition to Overwatch. The fraudulent data from Richards is the cornerstone of Kastleman 's lawsuit, which will have the same result as the Overwatch suits.
About GVA Property Management
GVA is a commercial real estate operator and investor specializing in multifamily apartment communities across the Southeastern United States and Texas markets. GVA was founded with a mission to make a positive impact on communities, deliver strong returns for investors, and provide exceptional career opportunities for employees.
Contact:
Michael Oberrender
512.497.0797
moberrender@gvamgt.com
SOURCE: GVA Management
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