Poole v. Dugdale (In Re the Phoenix Ltd.)

MEMORANDUM OPINION AND ORDER

HELEN S. BALICE, Chief Judge.

In this adversary proceeding, the plaintiffs seek rescission of a contract, damages from the defendants, and other equitable relief. This is the court’s decision after a three day trial on this proceeding. 1 All plaintiff and defendant parties have consented to the entry of a final judgment by this court. 28 U.S.C. § 157(c)(2).

I. Facts

Chequers, a Delaware corporation, was established in 1973 as a retail men’s clothing store. In 1977, it relocated to Market Street in Wilmington, Delaware, where it remained until closing. Prior to 1984,…