Breach of Contract
Stock Purchases
Repurchase Agreement
Confidential
Settlement – $2,315,000Judge
Court
Orange Superior
Attorneys
Plaintiff
Steven B. Katz
(Constangy, Brooks, Smith & Prophete LLP)
Defendant
William B. Hanley
(William B. Hanley Attorney at Law)
Facts
On February 15, 1995, Defendant purchased Plaintiff's business in exchange for cash and stock. Defendant agreed to buy back stock, pursuant to stock repurchase agreement. Plaintiffs tendered stock, pursuant to the stock repurchase agreement; but Defendant refused to pay the amount demanded.
Settlement Discussions
Plaintiff contends it demanded $2,315,000 and Defendant made no offers prior to this result.
Damages
Value of stock, per the repurchase agreement, $2,315,000; plus prejudgment interest.
Other Information
This case was filed on June 2, 1995; four months prior to this result.
#109207
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