Opinion ID: 1967796
Heading Depth: 2
Heading Rank: 2

Heading: The 1998 Letter Agreement and Its Aftermath

Text: In April 1998, Mr. Miller and Mr. Lanier reached an oral agreement which was memorialized in a letter dated April 22, 1998 (the 1998 Letter Agreement). Signed by both Mr. Miller and Mr. Lanier, the letter confirm[ed] the parties' agreement concerning a joint venture to acquire and redevelop the Georgetown Park property. In this document, Mr. Miller reiterated his oral agreement with Mr. Lanier: I would cooperate with you in exercising my voting rights with respect to the Right of First Offer in a manner that would, facilitate your acquiring ownership of the Georgetown Park property, including by assigning . . . the Right of First Offer to you or as you direct. If Mr. Lanier acquired the Mall, whether or not by virtue of the ROFO, Mr. Miller, in return, would be provided a 7.5% carried interest [1] in an entity formed for the single purpose of acquiring, redeveloping, owning and operating the property. The 1998 Letter Agreement did not specify how the joint venture would be formed. Likewise, it did not fix a time for performance, or set a date when the agreement would expire. Beyond mentioning the option of assignment, the letter did not define precisely how Mr. Miller was to cooperate by exercising his voting rights in order to facilitate Mr. Lanier's acquisition of the Property. EastBanc continued to develop the area surrounding the Mall, but it did not persuade GPA to sell the Mall itself. In mid November 1998, Mr. Miller wrote to Mr. Lanier to reiterate my intention to try to work with you to acquire this property. Mr. Miller stated in this letter that he had had discussions with GPA, informing them that I would be working with you in your efforts to acquire the property since we both share an interest in a positive future for Georgetown. Mr. Miller said that he had told GPA that he would have an open mind concerning whether GPA should buy back the ROFO or sell[ ] the property to us. Miller also urged that [o]ne way or another I would like to realize a value of the right of first offer in the nearterm future.