The Texas Sixth Court of Appeals affirmed that Theresa Pham must pay Montgomery Capital Partners IV, LP a judgment consisting of $500,000 in damages and $119,419.50 in pre-judgment interest. Pham had argued her personal guaranty terminated in April 2022 after Holy Kombucha, Inc. paid down a $500,000 draw facility. However, the court found that the combined debt across the company's loan agreements never dropped to or below the required $2,044,544.92 threshold.
Key points
Business co-owners remain bound by personal loan guarantees if total enterprise debt fail…: Business co-owners remain bound by personal loan guarantees if total enterprise debt fails to drop below stipulated contract thresholds.
Paying off an individual draw facility does not relieve a guarantor if the primary loan b…: Paying off an individual draw facility does not relieve a guarantor if the primary loan balance maintains total liability above agreed exit amounts.
Appellate courts will strictly enforce financial forbearance contracts despite defense ch…: Appellate courts will strictly enforce financial forbearance contracts despite defense challenges regarding trial venue and contested balance sheet evidence.
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A business loan can put more than just the company’s finances at risk. If a lender asks an owner to personally guaranty some of the borrowing, the consequences can haunt them long after the business runs into trouble. That was the case in a dispute involving Texas beverage maker Holy Kombucha, after a lender came after one of its co-owners over a guaranty signed as part of a loan restructuring.
On Oct. 30, 2026, the Texas Sixth Court of Appeals upheld a judgment against Theresa Pham for $619,419.50 to Montgomery Capital Partners IV, LP. The award was $500,000 in damages and $119,419.50 in pre-judgment interest. The decision upheld the trial court’s finding that Pham’s guaranty was still in place when the company defaulted.
How the guaranty was triggered
According to the Texas Sixth Court of Appeals, Montgomery Capital Partners loaned $2 million to Holy Kombucha, Inc., partially owned by Pham and Leandro Bienati, in January 2021. After a first default, the company entered into a forbearance agreement in December of that year.
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