NEXA Lending boss Mike Kortas is now the sole owner of his company after settling a bad breakup with his co-founder.
Kortas reached a global settlement with Mat Grella last month, according to an Arizona state court docket and a
Financial terms of the settlement are confidential, NEXA said. The agreement also comes months after a Michigan state judge ordered NEXA to pay Grella and his Platinum One Lending shop
Following the latest settlement, both Grella and Kortas issued forward-looking statements.
"I'm glad to be able to close this chapter of my professional life and get back to focusing on what is really important to my family and my career," Grella said in a statement shared by his attorneys Tuesday. "I will continue on the high road with my eyes toward the future."
Kortas said he was grateful to end the litigation and that he's continuing to focus on his loan officers and employees.
"I wish Mat the best in whatever comes next, and I'm excited to turn the page and continue building the company for the people who count on us every day," he said in a press release.
Private jets, luxury cars and a big judgment
Grella, who owned 49.5% of the company against Kortas' 50.5% share, sued NEXA after his split in March 2024. The wide-ranging accusations between the parties included arguments over a company valuation; a fraudulent corporation filing; and an alleged smear campaign by Grella to warehouse lenders and the media.
A major pain point was the company's foray into luxury aviation, which Kortas suggested would minimize the firm's tax liabilities. While Grella approved of NEXA's purchase of three private jets, he allegedly sabotaged a $24 million deal by NEXA for hangar space at a Phoenix-area airport.
The sides also sparred over the company's purchase of a 2019 Cadillac Escalade and 2019 Nissan GT-R, vehicles purchased for $76,500 and $104,490, respectively. While Grella claims Kortas approved of a trade-in for the Cadillac in 2022, he kept the GT-R and denied that it belongs to NEXA.
Earlier this spring, Grella had argued to the court to compel NEXA to provide expanded access to its ledgers, according to a case docket.
As the Arizona litigation unfolded, Grella and Kortas fought in a Michigan state court over a $350,000 funding for the pair's Platinum One business. A judge in January ruled that the money was an equity investment by NEXA, not a loan as the current NEXA boss argued. The judge also slammed Kortas' "flippant" behavior in those proceedings regarding his testimony.
According to public records, Grella is still associated with Platinum One, which now goes by the name Sympli Mortgage Collective.
NEXA has grown in the past two years to include over 3,700 loan officers nationwide, according to its recent press release. Earlier this summer the company launched evoLend, a separate servicer helmed by industry veteran Tammy Richards. With the venture, Kortas has suggested his LOs will have residual income opportunities through a compliant servicing structure.
