Lincolnland Properties, Inc. v. Butterworth Apartments, Inc.

A real estate deal.

Plaintiff won.

We affirm — almost in toto.

But first, a synopsis of the tedious and the prolix facts.

Russel Lesperance was a shareholder in the defendant corporations which owned seven apartment properties. Lesperance contacted W. Joseph Gibbs concerning the purchase of those properties and (after some preliminary negotiations) Gibbs formed Lincolnland Properties, Inc., in order to acquire them. Their designations will be helpful:

1. Butterworth Apartments, Inc. (Moline 42),

2. University Apartments of Normal, Inc. (Champaign 21),

3. University Apartments, Inc., of Normal,…