Gilmore v. Ute City Mortgage Co.

MEMORANDUM OPINION AND ORDER

KANE, District Judge.

I. FINDINGS OF FACT

Plaintiffs, collectively “Gilmore,” sought capital for renovation of the Jerome Hotel in Aspen, Colorado. On December 6, 1983, Gilmore signed a construction financing loan commitment with the lender defendants. A permanent financing commitment was executed, on the same day, among the identical three parties. The two agreements were amended in writing on January 6, 1984. Following execution of the commitment letters, Gilmore paid defendants a $165,000 commitment fee. At a meeting held on May 25, 1984 to discuss closing on the…