Coco Investments, LLC, and other investors participated in a condominium conversion project to be managed by Zamir
Question:
Coco Investments, LLC, and other investors participated in a condominium conversion project to be managed by Zamir Manager River Terrace, LLC. The participants entered into a new LLC agreement for the project. The investors subsequently complained that Zamir had failed to disclose its plans for dramatic changes involving higher than expected construction costs and delays, had failed to provide financial information, and had restructured loans in a manner that allowed Zamir representatives to avoid personal liability. The investors sued Zamir on various grounds, including breach of contract and breach of fiduciary duty. Zamir moved for summary judgment. How should the court rule? Explain. [Coco Investments, LLC v. Zamir Manager River Terrace, LLC, 26 Misc.3d 1231 (N.Y.Sup. 2010)]
Step by Step Answer:
Business Law Text and Cases
ISBN: 978-1111929954
12th Edition
Authors: Kenneth W. Clarkson, Roger LeRoy Miller, Frank B. Cross