Stratosphere Litigation L.L.C. v. Grand Casinos, Inc.
Court of Appeals for the Ninth Circuit
1Opinion of the Court
OPINION
SNEED, Circuit Judge.
This case arises out of the bankruptcy of Stratosphere Corporation (“Stratosphere”). Stratosphere Litigation, LLC (“SL”) appeals the district court’s grant of partial summary judgment and its decision in favor of Grand Casinos, Inc. (“Grand”) following a bench trial.
SL filed a breach of contract action against Grand as a third-party beneficiary to a contract between Grand and Stratosphere. The contract provided that should Stratosphere’s annual cash flow fall below a target, Stratosphere would be obligated to raise additional equity and Grand would be obligated to…
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