BICKET v. McLEAN SECURITIES, INC.

Nos. COA95-441, COA95-889.

478 S.E.2d 518 (1996)

Peter M. BICKET, Richard L. Von Tacky, William T. Burgess, R.J. Richardson, Roy C. Hackley, Jr., Coleman Romain, Louis G. Creveling, William E. Gentner, Elmer L. Nicholson, Richard A. Petty, Tom Brooks, and Warren I. Knouff, Plaintiffs, v. McLEAN SECURITIES, INC., Purcell Co., Inc., (formerly Diamondhead Corporation), Pinehurst, Incorporated, Pinehurst Country Club, Inc., Victor Palmieri and Company Incorporated, Howard C. Morgan, Trustee, Steven K. Baker, Trustee, B. Charles Milner, Trustee, Citibank, N.A., Chase Manhattan Bank, N.A., The First National Bank of Chicago, First Pennsylvania Bank, N.A., First National State Bank of New Jersey, Wells Fargo Bank, N.A., Crocker National Bank, and Wachovia Bank and Trust Company, N.A., Defendants.

Court of Appeals of North Carolina.

December 3, 1996.


Attorney(s) appearing for the Case

Kitchin, Neal, Webb & Futrell, P.A. by Henry L. Kitchin and Stephan R. Futrell, Rockingham, for plaintiffs.

Van Camp, West, Hayes & Meacham, P.A. by James R. Van Camp and Michael J. Newman, Carthage, for defendants.


WYNN, Judge.

Throughout the 1970s, Diamondhead Corporation ("Diamondhead") developed and sold lots and memberships in the Pinehurst Country Club. Diamondhead owned Pinehurst, Inc., which in turn owned Pinehurst Country Club, Inc. which operated the Pinehurst Country Club. Diamondhead also owned and operated Pinehurst Hotel and Country Club (later called Pinehurst Resort and Country Club), a large public resort consisting of a hotel, villas, condominiums, and a conference...

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