Facts

Plaintiff, Holiday Rx Inc. entered into a written purchase agreement with defendant Chicago Motor Car Corporation for the purpose of purchasing a Lamborghini automobile previously owned by Michael Jordan. The purchase agreement included a provision, which provided that if the transaction was not completed, the entire amount of Plaintiff's deposit could be retained by Defendant as liquidated damages. The purchase agreement required a deposit of $3,000, which Plaintiff paid.

Approximately one week after the purchase agreement was made, Plaintiff made an additional $50,000 payment towards the purchase of the automobile. After a dispute, Plaintiff elected not to complete the transaction and Defendant sold the automobile to a third party for a higher price.

At trial, both parties had affirmative claims for breach of contract and declaratory relief.

PLAINTIFF'S CONTENTIONS:
Plaintiff contended it was entitled to the return of its $50,000 payment, but did not dispute Defendant's entitlement to the $3,000 deposit as liquidated damages.

DEFENDANT'S CONTENTIONS:
Defendant contended that it was entitled to keep the entirety of Plaintiff's $53,000 payment as liquidated damages based on the purchase agreement.

Settlement Discussions

All of the settlement offers from Defendant, involved Plaintiff assuming a portion of Defendant's attorney's fees.

Result

Judgment in favor of Plaintiff for $200,000 (principal amount $49,990; costs $4,016; prejudgment interest $11,190; the Court awarded Plaintiff all of its attorney's fees for $109,497. Defendant paid an additional $24,503 for fees incurred after the initial attorney's fees award on Nov. 15, 2012.

Other Information

Defendant's motion for new trial was denied. Defendant has fully satisfied the judgment. FILING DATE: Sept. 17, 2010.