Case Conclusion Date:January 27, 2011
Description:The case arose out of a $5,700.000 buy/sell transaction for the Holiday Inn Express in Duncan, South Carolina. According to Plaintiff, Quantum Mortgage Corporation was asked to perform various services to facilitate the transaction between the buyer and the seller including but not limited to serving as an intermediary between the buyer and seller, qualifying the buyer as a franchisee through International Hotel Group (IHG), qualifying buyer for purchase money financing and ensuring that the closing took place in a manner that allowed buyer to take advantage of Section 1031 of the Internal Revenue Code (tax free exchange). Plaintiff contended at trial that it successfully provided the referenced services and was entitled to a fee for the same. Defendants maintained that Plaintiffâ€™s sole job was to provide purchase money financing for the transaction. Defendants further argued that because Plaintiff failed to provide purchase money financing, it was not entitled to any fee. Defendants also asserted a counter-claim for breach of contract accompanied by a fraudulent act. The trial lasted three days. At the close of evidence Plaintiff made a motion for a directive verdict as to Defendantsâ€™ counterclaim which was granted. Only Plaintiffâ€™s claims were submitted to the jury. A verdict was returned in favor of Plaintiff for $114,000. Prior to trial, Plaintiff was offered $0 to settle the case.