AZIMUT-BENETTI S.P.A. v. MAGNUM MARINE CORPORATION


55 A.D.3d 483 (2008)

AZIMUT-BENETTI S.P.A., Appellant-Respondent, v. MAGNUM MARINE CORPORATION et al., Respondents-Appellants.

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

October 30, 2008.


Plaintiff seeks to enforce a two-page "preliminary contract," drafted by its chairman, to purchase the assets of defendant Magnum, a manufacturer of luxury power yachts, from defendant Theodoli, Magnum's president, CEO and sole stockholder, for $10 million. The preliminary contract, as translated from Italian, states that the parties "bind themselves to sign a final contract and to execute the sale within 90 days from today . ....

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