COSGROVE V. BARTOLOTTA
150 F.3d 729 (7th Cir. 1998)
NATURE OF THE CASE: Both sides appealed. Cosgrove (P) appealed from the order denying
costs as well as from the order amending the judgment.
FACTS: Bartolotta (D) wanted to open a new restaurant in Milwaukee. He asked Cosgrove (P)
for help. D wanted a $100,000 loan from P plus P's business and legal advice, P was an
experienced corporate lawyer. D promised P to repay the loan with interest within three
years but also to give P a 19 percent ownership interest in the restaurant. P assisted D in
negotiating the lease of the restaurant premises and the loan from the bank, and it was on
P's advice that the venture was organized in the form of an LLC. P never actually made the
loan and was never given an ownership interest in the restaurant. D obtained alternative
financing and cut P out of the deal. The restaurant opened and was a success, and hence this
lawsuit. The jury found against P on his breach of contract claim, but this was not
inconsistent with its finding promissory estoppel. P and D never worked out the exact terms
under which P would receive a share in the restaurant.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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