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TEACHERS INS. AND ANNUITY ASS'N v. TRIBUNE CO.

No. 83 Civ. 0047 (PNL).

670 F.Supp. 491 (1987)

TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA, Plaintiff, v. TRIBUNE COMPANY, Defendant.

United States District Court, S.D. New York.

As Amended June 26, 1987.

Attorney(s) appearing for the Case

Fried, Frank, Harris, Shriver & Jacobson, New York City (Marc P. Cherno, Robert E. Gerber, Mary C. Farrington, of counsel), for plaintiff.

Patterson, Belknap, Webb & Tyler, New York City (Eugene L. Girden, Lynn P. Freedman, Blair Axel, Stephen P. Younger, of counsel), for defendant.

FINDINGS OF FACT AND CONCLUSIONS OF LAW

LEVAL, District Judge.

This action is brought by an institutional lender against a prospective borrower charging the borrower with breach of a commitment letter agreement for a 14-year $76 million loan yielding 15.25%. The exchange of letters constituting the commitment agreement stated that the borrower and lender had made a "binding agreement," to borrow and to lend on the agreed terms, subject to the preparation...

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