Opinion ID: 1432148
Heading Depth: 1
Heading Rank: 3

Heading: The Trial Court's Holding

Text: The court held generally in favor of the appellees and against the appellant in that it 1. partitioned the adventure property; 2. recognized and ordered enforced the terms of the joint-venture agreement; 3. found that there was no enforceable contract requiring Pete Senior to purchase the separate interest of his son Peter A. Zanetti in the venture; 4. held that the elder Zanetti was not guilty of fraud or mismanagement; 5. found against the contention of the elder Zanetti to the effect that there was an enforceable contract for the sale of the adventurers' interest in the venture to him; and 6. ordered that payment of liabilities and distribution be made under the terms of the venture agreement. Further, the court ordered that water-well, road and all other costs and financial obligations be assigned as liabilities of the joint venture only to the extent that they were actually incurred in the venture's behalf and that Pete Senior pay all other costs and expenses incurred and claimed which were not assignable to the benefit of the venture. 7. Lastly, the court held that, should there be sufficient proceeds from the sale of the property, they should be applied as follows: (a) to the reimbursement of Pete Senior for advancement in the management and development of the property in the sum of $408,931 plus interest; (b) the remaining balance, if any, to the six remaining adventurers in equal amounts.