C&N Holdings v. Cremolose CA4/1
As one part of a complex business transaction, defendant Cremolose, LLC (Cremolose) agreed to sell its assets to plaintiff C&N Holdings, LLC (C&N) and its principal, Michael Kelly (Kelly). The assets consisted of a liquor license and restaurant equipment already in place in a building owned by an entity controlled by the principals of Cremolose, John and Frank Russo. In conjunction with the purchase, C&N also leased the commercial space with the belief they were purchasing a complete, "turnkey" restaurant. As the jury found, however, the Russos misrepresented and concealed serious problems with the air conditioning for the space, which was incapable of handling the crowds of a busy saloon.
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