In August 1985, the Coca-Cola Company, through two affiliates, decided to sell its subsidiary, Embassy Pictures. Because of various financial considerations, Coca-Cola desired to reach an agreement to sell the company by September 24, 1985 and communicated to all potential buyers with whom they were negotiating that time was of the essence.
Plaintiffs are a group of investors who sought to acquire Embassy. Defendant also was negotiating to purchase the company. After...
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