McDermott v. Strauss

P. A. Hollingsworth, Justice.

Fred Selz and Floyd Fulkerson organized a joint venture to purchase and resell the 251 acre Clark farm for potential profits of $50,000 a year forever. The Clarks would sell for $414,000 with $120,000 down payment. In the spring of 1974, several parties were contacted about participating in this joint venture and the eventual amounts paid and percentages of ownership are as follows:

Ralph Cotham: $48,000 - 20% (Trustee for C. W. Abrams, Nash Abrams, Frank Lyon, Gene Wallace, and O. H. Wilkerson)

Bill Floyd: $24,000 - 10% (Trustee for Little Rock OBGyn Pension Trust)

S…