$32M Development Contract Doesn't Stand Up: Judge

Law360, New York (December 16, 2011, 6:34 PM EST) -- An Alabama federal judge on Thursday dismissed real estate financing firm Cirrus Acquisition & Development Corp.'s suit against developer Four Star Cos. Inc. and its affiliates for allegedly not holding up their end of a $32 million loan agreement.

U.S. District Judge Robert B. Propst granted the defendants' motion for summary judgment, finding that there had never been a contractual agreement to be broken. Rather, the companies had made a series of “agreements to agree” that they never made official with signatures from both parties, the...
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