When the Marion City Council and the Perry County Commission approved tax abatements in January for a company promising to bring 51 jobs and a $24.5 million pharmaceutical logistics operation to the former Judson College campus, the project was presented as a major opportunity for a community that has been waiting years to see new life on the historic property.
Now, a federal lawsuit filed in Dallas is raising questions about whether the parties behind that project had the money to make it happen.
The suit, filed March 18 in the U.S. District Court for the Northern District of Texas, alleges that the principals behind the proposed development, known as Project Summit, defrauded a Texas medical device company by promising $25 million in financing they could not deliver. The plaintiffs say that same pot of money was the financial backbone of the Marion project and the more than $10 million in state and local incentives attached to it.
The lawsuit involves public incentives approved by local governing bodies, state resources committed on behalf of Perry County, and a property that matters deeply to this community. The allegations in the complaint are just that: allegations. They have not been proven in court, and the defendants have not yet filed answers. This newspaper sought comment from key defendants, the plaintiffs’ attorneys, and the Alabama Department of Commerce before publication. As of press time, no responses had been received from any party.
The plaintiffs are Eddie Patent Holdings LLC, Giddy Holdings, Inc., and Brett Jacobson, a Dallas entrepreneur whose companies developed a patented medical device. The defendants are Callan JMB, Inc.; its subsidiary Coldchain Technology Services, LLC; Monarch Property Management, LLC (formerly Judson College Properties, LLC); Callan JMB CEO Wayne D. Williams and his wife Donna Williams; board member and registered Alabama lobbyist Liberty Smith Duke; Revival Health Inc.; and Dr. James J. Chao, a Revival co-founder.
The complaint brings claims under the federal Racketeer Influenced and Corrupt Organizations Act, along with state-law claims for fraud, conspiracy, and other causes of action. The plaintiffs are seeking treble damages, punitive damages, and attorneys’ fees. Summons were issued March 24, but no defendants have filed a response as of press time.
According to the complaint, Williams told Jacobson in December 2025 that Callan JMB could invest $25 million through an Equity Line of Credit—an arrangement allowing a public company to raise cash by selling shares to an investor. Williams allegedly said the money was fully available and entirely within his control.
The two sides met for nearly eight hours in San Antonio on December 29, 2025, where they agreed in principle to a deal involving the investment, distribution of the plaintiffs’ device through the VA and Department of Defense, and the plaintiffs’ acquisition of the former Judson campus. About $5 million of the deal was to go toward the Marion property.
Williams said the deal had to be signed by January 5, 2026, before he left for planned travel abroad, to meet a federal contracting deadline. The plaintiffs say they spent about $200,000 in legal fees preparing agreements over the New Year’s holiday and sent final documents on January 1.
That deadline came and went. On January 9, the complaint says, Williams told the plaintiffs in writing that the $25 million investment was “not feasible currently,” stating the money had been “originally earmarked for capital expenses and acquisitions.”
Here is where the story connects directly to Marion and the former campus of Judson College. Documents attached to the lawsuit appear to show that the same $25 million was already committed elsewhere. A Project Agreement between the State of Alabama and Coldchain, signed electronically by Williams on December 7, 2025, commits the company to a $24.5 million capital investment at 302 Bibb Street—the former Judson campus. The agreement calls for 51 full-time jobs, construction to begin January 15, 2026, and operations to begin by May 1, 2026.
Williams signed that agreement three weeks before telling Jacobson the funds were available, according to the complaint.
In connection with that agreement, a joint incentive offer dated October 21, 2025, from the State of Alabama, the City of Marion, and Perry County offered an estimated $10,257,176 in incentives to Callan JMB. The package included Alabama Jobs Act credits, investment tax credits, workforce training funds through AIDT, and property and sales tax abatements. The offer letter was addressed to Williams by Secretary of Commerce Ellen McNair.
Adding to the questions, the complaint cites a Securities and Exchange Commission filing by Callan JMB on October 3, 2025, stating the company had already drawn roughly $550,000 from the credit line. The filing also noted a restriction: the funding entity would not buy shares if the stock price fell below $1.00.
In other words, the complaint alleges the same money was being promised to the plaintiffs, to the State of Alabama, and to Callan JMB’s own acquisition plans—without enough to cover all three.
Court records may also shed light on the entity that received local tax abatements. Judson College Properties, LLC was formed on January 7, 2026, with Williams listed as organizer and Duke as registered agent. Members included Wayne Williams, Donna Williams, Liberty Duke, and James Chao. The original name reservation was filed for Shannon Stahlin of Ann Arbor, Michigan, whose connection to the project is not explained.
On January 5 and January 13, the Marion City Council and Perry County Commission approved tax abatements for that entity. On January 20, Duke filed paperwork changing the name to Monarch Property Management, LLC. That same day, she attended a Marion City Council meeting and discussed general plans for the campus but said she was bound by a non-disclosure agreement when asked for details.
Lobbying records filed with the Alabama Ethics Commission show Duke listed Coldchain as a client in her 2026 registration and in her quarterly report covering October through December 2025. Neither filing lists Callan JMB, Judson College Properties, or Monarch Property Management.
The complaint further states that publicly available federal contracting records show Callan JMB has never held a federal prime contract. Coldchain has been associated with about 122 federal contract awards, mostly for packaging services averaging about $42,000 each. Its most recent contract ended in October 2025. None involved the type of medical device distribution promised to the plaintiffs.
On January 15, 2026, less than a week after telling the plaintiffs the deal was off, Callan JMB announced a strategic agreement with Attune Biotech Inc. The complaint says the stock rose from about $1.12 to $4.20 per share following the announcement. The stock, trading on the Nasdaq under CJMB, was recently near $1.90.
Former Alabama state senator Gerald Dial was appointed to the Callan JMB board on February 4, 2025, the same date as Duke.
As of April 14, 2026, Perry County deed records do not show any transfer of the Judson property involving Monarch, Judson College Properties, Coldchain, Callan JMB, or related entities. The agreement’s January 15 construction start date and March 1 capital investment deadline have both passed. As of press time, the Alabama Department of Commerce had not responded to requests for comment.
This newspaper first reported on the network of entities connected to the proposed redevelopment on January 18, 2026, identifying Duke as a central figure and noting that no corporate registration for Judson College Properties could be found at the time. The federal complaint cites that reporting. The name change to Monarch Property Management was filed two days after that story appeared.
The former Judson College, founded in 1838 and one of the oldest women’s colleges in the nation, ceased operations in 2021. The campus has remained a subject of deep community interest ever since. In 2025, it was reportedly considered as a potential temporary home for the Alabama School of Healthcare Sciences.
Whether this lawsuit means the end of the Project Summit proposal is not yet clear. What is clear from the public record is that serious questions exist about how the project was structured, who was behind it, and whether the financing was ever in place to deliver on the promises made to this community.
The case is pending. No defendant has filed an answer as of press time. This newspaper will continue to report on developments as they occur.
