Howard M. Cooper, Edward Foye and Tyler E. Chapman successfully defended DSF Investors, Inc. and Arthur Solomon in a mutli-million dollar lawsuit brought by The Lyme Timber Company over the redevelopment of the Necco Candy Co. building in Cambridge, MA for use as a biotechnology center.
Lyme claimed it had reached a partnership agreement with DSF to redevelop the building and that it contributed to the process. DSF was able to prove that the parties reached no such agreement and that it had assembled a highly skilled team to redevelop the property without Lyme's participation. The case reaffirmed Massachusetts law related to the use of non-binding term sheets during negotiations. The Court concluded at summary judgment that a term-sheet executed by the parties stating that no agreement could be formed without a fully negotiated, written agreement signed by the parties, precluded Lyme's claim.
On October 17, 2006, the Massachusetts Appeals Court affirmed the grant of summary judgment in favor of DSF and awarded DSF its costs in the litigation.
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