Penthouse International, Limited v. Dominion Federal Savings and Loan Association

Dominion was one of several lenders committed to financing Penthouse's Atlantic City casino project under a loan commitment expiring March 1, 1984, but Penthouse remained far from satisfying preclosing conditions like licensing and utility approvals as that date approached; Dominion voiced concerns and suggested restructuring, and only after the March 1 expiration did the overall project collapse and lenders withdraw, with the district court basing its anticipatory breach finding on Dominion's post-expiration actions.