May 21, 2026
Many of you have asked about the Baker Donelson trial over the past five weeks.
Trial began April 20 and concluded, finally, yesterday.
The jury found that Jon Seawright and Brent Alexander aided and abetted Lamar Adams; that they acted with Baker Donelson’s apparent authority, such that the law firm is vicariously liable; and separately that Baker Donelson negligently supervised them.
The jury awarded a total of $2.8 million, which is twice the amount investors in the Alexander Seawright Timber Fund lost. The judgment entitles us to ask defendants to reimburse the receivership estate for its costs.
The jury found we proved our claim for punitive damages against Seawright and Alexander but did not award punitive damages, presumably because it found they had been punished enough, a finding that I believe is just. The finding, however, may entitle us to ask them to reimburse the receivership estate for its attorneys fees.
The jury found I could have recovered $10 million if I had pursued net winners, but it did not get to hear the value of settlements that I otherwise reached with net winners, which is more than $9.4 million. Under Mississippi law, a jury may hear the fact of settlement but not the amount, which is something the court accounts for post-trial.
I am grateful for the jury’s service, particularly in such a long trial.
I am very proud of the jury’s finding of liability on the part of Baker Donelson. When we filed the lawsuit in December 2018, it called the allegations meritless. For eight years it has denied any responsibility.
Settling parties, such as Butler Snow, received what is known as a bar order. Because Baker Donelson did not settle, it did not obtain a bar order. This means that investors in the Alexander Seawright Timber Fund, including former Baker Donelson clients, may now independently sue Baker Donelson, and there already exists a finding of liability.
There remain loose ends to clean up, but this trial likely concludes the receivership estate’s litigation. I can now report that the tentative settlement agreement with UPS is worth $6.5 million.
In the end, with these anticipated collections, our total collections likely will be approximately $53 million, or 100% of total net losses. That does not include judgments (for instance, against Bill McHenry) that I may never collect.
I am proud of my counsel (principally Brent Barriere, Kaja Elmer, and Maggie Daly of Fishman Haygood and Lilli Bass of Brown, Bass, & Jeter). They obtained a settlement or judgment against every responsible party we sued or otherwise targeted.
I am also grateful to the Court, including Judges Reeves, Ball, and Rath and their staffs, for their patience and impartial assistance in all of this.
I am eager to make a distribution and wind things down, but there remain issues that must be addressed by the Court first. I will provide information as circumstances allow. In the meantime, thank you everyone for your patience as we work through things.