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McGOWAN v. CLARION PARTNERS, LLC

650710/15. Appeal No. 12362. Case No. 2019-5477.

188 A.D.3d 497 (2020)

132 N.Y.S.3d 281

2020 NY Slip Op 06456

Barry McGowan, Appellant, v. Clarion Partners, LLC, Respondent.

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

Decided November 12, 2020.

The court correctly found, as a matter of law, that the term sheet, which said, "Agreed amongst the parties but subject to signed documentations," was "a preliminary agreement contingent on and not intended to be binding absent formal documentation" (Kowalchuk v Stroup, 61 A.D.3d 118, 123 [1st Dept 2009] [internal quotation marks omitted]). Notably, the term sheet also said that the management team would purchase an economic interest...

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