Busch v. Dyno Nobel, Inc.

DAUGHTREY, Circuit Judge.

This appeal arose from a series of dealings between plaintiff Noble Metal Merchants, Inc. (Noble Metal), an antifreeze recycling company, and defendant Dyno Nobel, Inc. (Dyno), an explosives manufacturer. The two parties entered into a joint venture to produce ethylene glycol, including the design and development of a plant to provide an economical manufacturing process. In the process of negotiation, the parties signed a letter of intent that set out the basic plan for the project but that expressly contemplated a later contract. However, a formal contract was never…