Thompson's Point, Inc. v. Safe Harbor Development Corp.

FINDINGS OF FACT AND CONCLUSIONS OF LAW

HORNBY, District Judge.

Findings of Fact

1. In 1984, Glen Grant and Mae Grant, brothers, and Peter Van Wyck, a cousin, formed Thompson’s Point, Inc., a Maine corporation, to invest in commercial real estate on Thompson’s Point in Portland, Maine. The corporation purchased 28 acres of real estate with improvements on Thompson’s Point in 1984, and later added to its holdings. Glen Grant owned 25% of the shares, Mae Grant owned 25% of the shares and Van Wyek owned 50% of the shares. Each of the three was elected as a director. Van Wyck was elected as…