University Computing Co. v. Lykes-Youngstown Corp.

TUTTLE, Circuit Judge:

I. FACTS

This case involves three separate claims for damages arising out of a complicated series of transactions between four corporations and a number of their executive officers. The trial lasted three weeks and the record is correspondingly lengthy and complex. We begin by briefly summarizing the critical facts.

A. Joint Venture Agreement Between UCC and LYC.

University Computing Company (UCC), a Texas corporation, and Lykes-Youngstown Corp. (LYC), a Delaware corporation, entered into a written agreement on July 1, 1969 to create jointly a new corporation, to be called…