Kemmons Wilson, Inc. v. Allied Bank of Texas

FARMER, Judge.

The defendants, Allied Bank of Texas and Bankers Trust Company, appeal from the trial court’s judgment on a jury verdict finding defendants in breach of contract and awarding damages to plaintiffs, Kem-mons Wilson, Inc., William E. Hayward, and Kemmons Wilson Companies, in the amount of $2.5 million.

Kelley Manufacturing Company, which operated a plant in Olive Branch, Mississippi, filed for bankruptcy in November 1986. Defendant banks, as the major creditor of Kelley and with the consent of the trustee in bankruptcy, began efforts to sell Kelley’s assets, including the Olive…