CC Fin. LLC v. Wireless Props., LLC

Plaintiff loaned funds to Defendant. As part of their credit arrangement, Plaintiff acquired the right to purchase fifteen telecommunications towers from Defendant, either within a specific period or otherwise in the event of default. Plaintiff and Defendant also agreed that Plaintiff, in its discretion, could lend additional funds that would help Defendant acquire or develop more towers. Plaintiff, however, decided not to lend Defendant any more funds and instead elected to purchase the fifteen towers from Defendant. Defendant, believing Plaintiff had failed to satisfy a commitment to lend Defendant more funds, sued. The superior court ruled in favor of Plaintiff, and the Supreme Court affirmed. Plaintiff then sought a declaratory judgment for specific performance of its claimed contractual right to acquire the towers from Defendant. The Court of Chancery ruled in favor of Plaintiff, holding that neither mutual or unilateral mistake allowed for reformation of the contract, and because a valid contract existed and the balance of the equities tipped in Plaintiff's favor, Plaintiff's request for specific performance was granted. View "CC Fin. LLC v. Wireless Props., LLC" on Justia Law