James E. Meadows, Petitioners v. Roy W. Bierschwale, Respondents

Summary

The Texas Supreme Court reversed the Court of Civil Appeals and remanded for entry of a judgment that imposes a constructive trust on the proceeds of the Goldman sale in favor of Bierschwale and, proportionally, Meadows, while affirming Smith's limited claim to post‑default proceeds. The Court also affirmed the cash judgment to fully compensate Bierschwale and rejected Oakes' arguments concerning fiduciary relationships, traceable property, and the Texas Securities Act.