Clegg v. Graham & Harsip

Affirming the judgment of the Appellate Division, Northern District, and agreeing with its full opinion, we do but restate the case and grounds of decision in our own words.

Ecoterra Limited, a California corporation, called the “Company” in the relevant “Amended and Restated Escrow Agreement” of December 9, 1993 (“Agreement”), planned to purchase remolded tires from Retreads International Limited, an English corporation (called the “Manufacturer”), and to import and resell the tires to dealers here. In order to finance the plan, the Company invited individuals to become “Subscribers,” that…