WALTER v. HOLIDAY INNS, INC.

Nos. 92-5114, 92-5146, 92-5147 and 92-5152.

985 F.2d 1232 (1993)

Louis WALTER; Lance Walter, individually, as Trustee of the testamentary trust created under the Will of Manuel Walter for the benefit of Toni Walter Stern, and Executor of the Estate of Manuel Walter; Toni Walter Stern; the Walter Company, a California general partnership; Herbert Sturman, individually and as Executor of the Estate of Harvey Fierstein; and Paul Syphus, v. HOLIDAY INNS, INC.; Harrah's New Jersey, Inc.; Harrah's Atlantic City, Inc.; Marina Associates; Holiday Corporation; the Promus Companies Incorporated; and Embassy Suites, Inc., Louis Walter, Appellant in No. 92-5114, Louis Walter, Lance Walter, individually, as Trustee of the Testamentary Trust created under the will of Manuel Walter for the benefit of Toni Walter Stern, and as Executor of the Estate of Manuel Walter; Toni Walter Stern; the Walter Company; a California general partnership; Herbert Sturman, individually and as Executor of the Estate of Harvey Fierstein; and Paul Syphus, Appellants in Nos. 92-5146/5147/5152.

United States Court of Appeals, Third Circuit.

Decided February 16, 1993.


Attorney(s) appearing for the Case

Hillel Chodos (argued), Los Angeles, CA, Richard D. Wilkinson, Lowenstein, Sandler, Kohl, Fisher & Boylan, Roseland, NJ, Michael Blumenfeld, Fierstein & Sturman, Los Angeles, CA, for appellants.

Ronald L. Reid, Alston & Bird, Atlanta, GA, Joseph R. Sahid (argued), Stuart W. Gold, Cravath, Swaine & Moore, New York City, Bruce I. Goldstein, Saiber, Schlesinger, Satz & Goldstein, Newark, NJ, for appellees.

Before: SLOVITER, Chief Judge, GREENBERG and SEITZ, Circuit Judges.


OPINION OF THE COURT

SLOVITER, Chief Judge.

Plaintiffs are several individuals and a corporation who formed a 50-50 partnership with Holiday Inns, Inc. (Holiday) in 1979 to develop and operate Harrah's Marina Hotel and Casino in Atlantic City, New Jersey.1 In 1981, plaintiffs sold their 49% interest in the partnership to Holiday. In 1983, plaintiffs sold their remaining 1% interest to Holiday. In 1985, four years after the first...

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