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Business Associations Keyed to Epstein, 5th 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 for a 20-year term. He entered into an agreement with Morton Meinhard whereby Meinhard would provide half the funds needed to renovate and operate the property, and in return would receive 40% of the net profits for the first five years and 50% thereafter. Salmon retained sole management authority. The venture proved profitable after initial losses. In 1922, as the lease neared expiration, the property owner, Elbridge Gerry, approached Salmon about a new lease covering both the original property and adjacent lots Gerry owned. Without informing Meinhard, Salmon negotiated and signed a new 20-year lease (renewable up to 80 years) through his company, Midpoint Realty. The new arrangement involved significantly higher rent and required construction of a $3 million building. When Meinhard learned of this arrangement, he demanded a share in the new lease.
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