Camden Co. v. Princess Properties International, Ltd.

Memorandum. Appellant contends that it properly exercised the right of first refusal by making a commercially equivalent offer upon the same terms and conditions contained in the original offer. Both offers provided for immediate cash payment of one million dollars and nine million dollars in deferred payments over a 10-year period. In view of the deferred nature of the proposed payments, the manner in which the obligation was to be secured was critical. The *963collateral in the original offer consisted of a guarantee by Norwest, S. A., a company with an averred net worth of 25 million dollars…