Threlkel v. Shenanigan's, Inc.

OPINION

FACTS

The Las Vegas Fountain General Partnership (hereinafter “Fountain”) was the owner of commercial property in Las Vegas leased to respondent Shenanigan’s, Inc. and its sole shareholder and President, respondent Gary Brennan, who operated a restaurant and bar on the premises. Respondent Shenanigan’s, Inc. sold its business and equipment and assigned its lease to Shenanigan’s-Las Vegas, Inc. for the sum of $240,500. Seventy-thousand dollars ($70,000) of the total purchase price was to be financed by the seller. Accordingly, Shenanigan’s-Las Vegas, Inc. executed a $70,000 promissory…