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Contracts Keyed to Dawson
Edge Group WAICCS LLC v. Sapir Group LLC
Citation:
705 F. Supp. 2d 304.Facts
Edge Group owned a 50% interest in WAICCS Las Vegas 2 LLC. WAICCS 2 was the sole member of WAICCS Las Vegas 3 LLC. WAICCS 3 held a 20.4% ownership interest in a parcel of undeveloped real estate in Las Vegas. Sapir agreed to pay $20 million in exchange for Edge Group’s 50% interest in WAICCS 2. The parties entered into the contract on May 1, 2008 with closing set for May 30, 2008. Edge Group delivered all the required paperwork to Sapir, but on May 29, 2008 Sapir advised Edge Group it was not going to go through with the purchase due to the speculative nature of the development planned for WAICCS 3’s real estate.
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