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IDX CAPITAL, LLC v. PHOENIX PARTNERS GROUP LLC

102806/07, 3369.

83 A.D.3d 569 (2011)

922 N.Y.S.2d 304

IDX CAPITAL, LLC, et al., Respondents, v. PHOENIX PARTNERS GROUP LLC et al., Defendants, and WESLEY WANG, Appellant. IDX CAPITAL, LLC, et al., Respondents, v. PHOENIX PARTNERS GROUP LLC et al., Appellants, et al., Defendants.

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

Decided April 26, 2011.

Plaintiffs failed to establish with reasonable certainty that IDX Capital, LLC, an eight-month-old, money-losing start-up, is entitled to damages based on the provision in its proposed agreement with a prospective acquirer calling for earn-out payments by the acquirer based on IDX hitting certain revenue targets. Absent evidence discussing the projections or specific strategies that likely would have resulted in IDX meeting the...

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