SCP (BERMUDA) INC. v. BERMUDATEL LTD.


224 A.D.2d 214 (1996)

638 N.Y.S.2d 2

Scp (Bermuda) Inc., Appellant, v. Bermudatel Ltd. et al., Respondents

Appellate Division of the Supreme Court of the State of New York, First Department.

February 6, 1996


Defendants herein owned options to purchase land in Bermuda on which they planned to build a hotel and, in accordance therewith, approached the Ritz-Carlton Hotel Company to develop the project. Plaintiff was enlisted as an equity partner to acquire $22,000,000 in order to purchase the land quickly, as the options were of limited duration.

On or about November 29, 1990, the parties entered into a "Memorandum of Understanding...

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