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BIG LAND INV. v. LOMAS & NETTLETON FINANCIAL

No. 6154.

657 P.2d 837 (1983)

BIG LAND INVESTMENT CORPORATION, Appellant, v. LOMAS & NETTLETON FINANCIAL CORPORATION, Appellee.

Supreme Court of Alaska.

January 7, 1983.

Attorney(s) appearing for the Case

Warren C. Colver, Warren C. Colver & Associates, Anchorage, for appellant.

John C. Siemers, Burr, Pease & Kurtz, Anchorage, for appellee.

Before BURKE, C.J., and RABINOWITZ, MATTHEWS and COMPTON, JJ.

OPINION

RABINOWITZ, Justice.

In 1971, Big Land Investment Corporation, the owner of the then partially completed Gold Rush Hotel in Anchorage, found itself in dire financial straits. It had incurred substantial construction debts and was unable to pay its creditors. According to Big Land's general manager, David Grove, the only viable alternative was to sell the hotel, and the only available purchaser was Cox Enterprises, Inc. ["CEI"]. CEI was able to obtain...

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