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NATL UNION FIRE INS v. ALLEN

232 A.D.2d 80 (1997)

662 N.Y.S.2d 8

National Union Fire Insurance Company of Pittsburgh, Pa., Appellant, v. Arthur G. Allen et al., Respondents National Union Fire Insurance Company of Pittsburgh, Pa., Appellant, v. James R. Pope, Respondent

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

August 21, 1997

Attorney(s) appearing for the Case

James D. Christo of counsel, New York City (Richard F. Russell on the brief; D'Amato & Lynch, attorneys), for appellant.

Martin S. Rothman of counsel, New York City (Jeffrey Shernoff and Alyne I. Diamond on the brief; Greenberg & Shernoff, and Seligson, Rothman & Rothman, New York City, attorneys), for respondents.

MILONAS, J. P., ELLERIN and TOM, JJ., concur.

MAZZARELLI, J.

In July 1985, defendants Arthur and Linda Allen (Allens) and defendant James Pope (Pope) (collectively Investors), purchased one-unit interests in a Massachusetts limited partnership known as Hamilton Hotel Partners (Hamilton). A private placement memorandum (PPM) fixed the purchase price at $50,000 per unit, with $12,500 to be paid in cash at the time of purchase, and the remaining $37,500 by...

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