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Contracts Keyed to Epstein
Budget Marketing, Inc. v. Centronics Corporation
Facts
Budget Marketing, Inc. (BMI) (Plaintiff) and Centronics Corporation (Defendant) executed a letter of intent for Defendant to acquire Plaintiff, provided Plaintiff maintained sufficient cash flow and purchased key man insurance. The letter of intent included a target date on which a formal agreement would be executed. The letter also stated that, except for certain confidentiality provisions, the letter was not a binding agreement. Later, the parties agreed to amend the letter in order to change the projected formal agreement date. During the interim, Plaintiff took steps to comply with the letter’s requirements. Plaintiff purchased additional stores and obtained key man insurance. Charles Eagle (Plaintiff), BMI’s CEO, invested personal assets in order to comply with the requirements. Defendant repeatedly confirmed its intent to go through with the acquisition. However, Defendant later decided to pursue other opportunities and not acquire Plaintiff.
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