Byrd v. Smyth

OPINION

WARD, Justice.

The dispute in this case arose when a joint venture sold its assets and. made a distribution of shares. The issue on this appeal is the meaning to be given to a contract when it is stated that one member’s interest would be considered as “carried interest.” The trial Court, without the aid of a jury, determined that the one owning the carried interest, although not having had to advance certain expenses of the venture during its existence, would be burdened with his share of the expenses when the final distribution was made. Findings of fact and conclusions of law were…