IP OF A WEST 86TH STREET v. MORGAN STANLEY MORTG.

No. 11-2891.

686 F.3d 361 (2012)

IP OF A WEST 86TH STREET 1, LLC, et al., Plaintiffs-Appellants, v. MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS, LLC, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided June 11, 2012.


Attorney(s) appearing for the Case

Raymond L. Faust , Attorney, Briane M. House (argued), Attorney, Norris Choplin & Schroeder, LLP, Indianapolis, IN, for Plaintiffs-Appellants.

Constance M. Boland (argued), Attorney, Nixon Peabody LLP, New York, NY, William E. Padgett , Attorney, Barnes & Thornburg LLP, Indianapolis, IN, Brad E. Rago , Attorney, Barnes & Thornburg LLP, Chicago, IL, for Defendant-Appellee.

Before FLAUM and HAMILTON, Circuit Judges, and FEINERMAN, District Judge.


FLAUM, Circuit Judge.

In this case, twenty limited liability companies ("the Investors") joined together to invest in property in Indiana. Needing a loan to finance their purchase, they formed a distinct limited liability company, IP of A Fund Manager, LLC ("IPA Fund Manager"), and vested in that entity the authority to negotiate and execute a loan on their behalf with Morgan Stanley Mortgage Capital Holdings, LLC ("Morgan Stanley"). They named Edward Okun as Manager...

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