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Business Organizations Keyed to Chasalow, 3rd Ed.
Meinhard v. Salmon
Citation:
249 N.Y. 458, 164 N.E. 545 (1928)Facts
In 1902, Walter Salmon leased the Hotel Bristol property in New York City from Louisa Gerry for a 20-year term. Salmon entered into an agreement with Morton Meinhard to finance the venture, with Meinhard providing half the funds needed to reconstruct and operate the property. In return, Meinhard would receive 40% of net profits for the first five years and 50% thereafter. Salmon retained sole management authority. The venture proved successful after initial losses. In 1922, as the lease neared expiration, the property’s new owner, Elbridge Gerry, approached Salmon about a new lease covering both the original property and adjacent lots. Salmon negotiated this new lease for his own benefit through a corporation he controlled, without informing Meinhard. The new lease was for a potentially longer term (up to 80 years) and involved constructing a new $3 million building on the expanded property.
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