No. 90-2100.

936 F.2d 633 (1991)

Irwin LOFT and Robert Stein, Plaintiffs, Appellees, v. Edward B. LAPIDUS, Defendant, Appellant.

United States Court of Appeals, First Circuit.

Decided June 26, 1991.

Attorney(s) appearing for the Case

Kevin M. Brill with whom Corrente & Brill and Marvin A. Brill, Providence, R.I., were on brief for defendant, appellant.

Mark H. Grimm with whom Max Wistow and Wistow & Barylick Inc., were on brief, Providence, R.I., for plaintiffs, appellees.

Before CAMPBELL and SELYA, Circuit Judges, and COFFIN, Senior Circuit Judge.

LEVIN H. CAMPBELL, Circuit Judge.

This diversity case arises out of an arrangement between Edward D. Lapidus, a real estate developer, and Irwin Loft and Robert Stein, two investors with whom Lapidus joined to purchase property in Warren, Rhode Island known as "Water's Edge," and to build condominiums on it. Loft, Stein and Lapidus joined forces in this venture, and Lapidus signed a contract for purchase of the property on behalf of all of them. Lapidus never actually...

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