DIGITAL GADGETS LLC v. WHITE OAK GLOBAL ADVISORS LLC (2018)

Supreme Court, Appellate Division, First Department, New York.

DIGITAL GADGETS, LLC, Plaintiff–Appellant, v. WHITE OAK GLOBAL ADVISORS, LLC, Defendant–Respondent.

5806

Decided: February 22, 2018

Friedman, J.P., Sweeny, Kahn, Singh, Moulton, JJ.

Judd Burstein P.C., New York (Ali R. Jaffery of counsel), for appellant. Schlam Stone & Dolan LLP, New York (Niall D. Ó Murchadha of counsel), for respondent.

Order, Supreme Court, New York County (Charles E. Ramos, J.), entered December 5, 2016, which granted defendant's motion to dismiss the complaint, unanimously affirmed, with costs.

The documentary evidence utterly refutes plaintiff's allegations that defendant breached its agreement to lend plaintiff money (see Lezama v. Cedano, 119 A.D.3d 479, 480, 991 N.Y.S.2d 32 [1st Dept. 2014] ). The provisions of the commitment letter and term sheet, taken together, required no less than a second-priority lien on the New Jersey property as a condition precedent to defendant's commitment to lend the money. Plaintiff was unable to meet this condition. It was not unreasonable for defendant, exercising the discretion given to it in the commitment letter, to conclude that plaintiff's inability to meet this condition, coupled with the fact that actual revenue was 30% less than projected revenue, was material and adverse to its business interests (see generally UBS Sec. LLC v. Finish Line, Inc., 2008 WL 536616, *5 [S.D. N.Y.2008] ).

Was this helpful?

Why was this helpful?

Easy to understand

Solved my problem

Other

Why was this not helpful?

Missing the information I need

Too complicated / too many steps

Out of date

Other

Thank you for your feedback!

Trusted by Consumers. Recognized by AI.

As the largest network of trusted legal brands, we help firms build authority across the platforms consumers and AI systems rely on most. Our network helps attorneys strengthen visibility, credibility, and preference where legal decisions begin.

Explore the Network