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Business Organizations Keyed to Cox
Haley v. Talcott
Citation:
854 A.2d 86 (2004)Facts
In 2001, Matthew Haley and Gregory Talcott created a restaurant called the Redfin Seafood Grill. Haley operated the Grill. Talcott borrowed the money to start up the Grill. However, a series of agreements made clear that the parties would treat the Grill as a joint venture. In 2003, the parties formed Matt & Greg Real Estate, LLC, to take advantage of the option to purchase the property. The option price to purchase the property was $720,000. The LLC took out a mortgage loan for that amount, exercised the option and obtained the property. To secure the loan, Haley and Talcott individually signed personal guaranties for the entire amount of the mortgage. When Haley and Talcott suffered a serious falling out, Haley brought an action under the Delaware Limited Liability Company Act.
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