Investment Co. Off Hook For $1M Finder's Fee From Ranch Deal

Law360, Dallas (August 23, 2012, 6:13 PM EDT) -- A Texas appeals court held Wednesday that investment firm Musgrave Enterprises Inc. didn't breach its contract with AKB Hendrick LP when it failed to pay AKB a $1 million finder's fee following the collapse of a $65 million deal to buy a 42,000-acre West Texas ranch from JPMorgan Chase Bank NA.

According to the Fifth Court of Appeals, AKB and Musgrave agreed in 2007 to allow Musgrave to buy the ranch from JPMorgan, the trustee for the Hendrick Home for Children, through a nonprofit foundation that...
To view the full article, register now.