Finger Lakes Capital Partners, LLC v. Honeoye Lake Acquisition, LLC

SEITZ, Justice:

I

In 2003, Zubin Mehta and Gregory Sha-lov formed Finger Lakes Capital Partners as an investment vehicle to own several operating companies. Mehta and Shalov contacted Lyrical Partners L.P. to participate in their venture. Lyrical was the money partner, and Mehta and Shalov would manage the investments. The parties signed a term sheet covering their overall relationship, as well as topics relating to two specific investments. On the advice of counsel, Finger Lakes held each of its portfolio companies as separate limited liability companies with separate operating agreements. As…