MAS Associates, LLC v. Korotki

2018 WL 2258972 (2018)

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MAS Associates, LLC v. Korotki

Maryland Court of Special Appeals
2018 WL 2258972 (2018)

SC
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Facts

Harry Korotki (plaintiff) owned Savings First Mortgage, LLC. Korotki contacted two other mortgage companies, Greentree Mortgage Corporation and MAS Associates, LLC (defendant), seeking to merge the three companies. The three companies agreed in principle to a merger. Independent counsel drafted an agreement for the companies, but the companies did not sign. Nonetheless, the companies began to merge their workforces. Each individual company contributed $150,000 to help fund their new venture. When the new venture eventually made profits, the owners of the three companies shared the profits equally. Further, the companies agreed that they would have to agree on all major decisions affecting the new venture going forward. The following year, Korotki gave notice to the other two company owners that he intended to leave the venture for health reasons. The other owners refused to negotiate a buyout for Korotki. Korotki filed suit in the Circuit Court for Baltimore County. The trial court found that a partnership existed among Korotki and the other two owners. The court established a value of Korotki’s interest in the partnership and awarded him that amount. The owners of the other two companies appealed.

Rule of Law

Issue

Holding and Reasoning (Reed, J.)

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