David Holder v. James Sweeney
Published: Jan. 14, 1995 | Result Date: Nov. 21, 1994 | Filing Date: Jan. 1, 1900 |Case number: 688451 – $8,500,000
Judge
Court
Orange Superior
Attorneys
Plaintiff
Maxwell M. Blecher
(Blecher, Collins & Pepperman PC)
Defendant
Michael G. Rhodes
(Cooley LLP)
Experts
Plaintiff
Michael F. Koehn
(technical)
Facts
In August of 1988, Plaintiff David Holder and Defendant James Sweeney allegedly entered into an oral joint venture agreement to attempt the acquisition of McGaw Inc., an Irvine-based maker of large volume IV's, should it be offered for sale within a 2-year time period. In 1990 McGaw was offered for sale by its parent, The Kendall Company. Defendant James Sweeney, without including David Holder, put together an acquisition group that agreed in July of 1990 to purchase McGaw for approximately $217,000,000.
Settlement Discussions
Plaintiff contends he demanded $8,000,000 and Defendant offered $250,000.
Damages
Half the profit received by Sweeney when McGaw was sold to the IVAX Corporation, valued at $8,500,000.
Other Information
A confidential settlement was reached, following this verdict.
Deliberation
7 hours
Poll
9-3
Length
6 days
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