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The Horns (D) formed a corporation with the Burgs (P) to acquire property in Brooklyn, New York. The purpose of the corporation was to buy four buildings in the area. The Horns had been in the business of acquiring properties and then renovating and reselling them before they formed this corporation. After the formation of the corporation D purchased some property on his own, without disclosing this fact to the P. A separate dispute arose between the two parties about the accounting of rent receipts. P then decided to sue D for purchasing those properties without informing him of them and allowing the corporation to decide whether it wanted the property. P claims that D usurped a business opportunity that belonged to the corporation.

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