A non-profit hospital chain buys a for-profit hospital and its property tax exemption application for the hospital is denied by the county. M&A Stories July 8, 2023 Introduction: Most hospitals in the United States are non-profit corporations, comprising over two-thirds…
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OWNER SELLS RESTAURANT AND ITS BUILDING. IS SUED BY A BUILDING TENANT WHO HAD A RIGHT OF FIRST REFUSAL TO PURCHASE THE BUILDING
The restaurant owner unsuccessfully argued that the tenant’s right of refusal was not triggered because the owner was selling both the restaurant and the building. M&A Stories May 7, 2023 Introduction A buyer of a business frequently seeks the real…
BUYER MUST RETURN UNUSED PORTION OF $250K WARRANTY DEPOSIT TO SELLER
The asset purchase agreement did not say that the unused portion of the deposit was to be returned to the seller. The court said the unused portion of the deposit was refundable and a refund two years after the closing…
SELLER LOSES $605K DEPOSIT FOR FAILURE TO FOLLOW TERMINATION PROCEDURE IN $12.1 MILLION DEAL
The seller did not follow purchase agreement when it (a) sent notice of termination of the deal to buyer by electronic mail and (b) failed to give buyer ten business days to cure the default. M&A Stories March 13, 2023…
BUYER’S RIGHT TO DISPLAY EXPIRED COPYRIGHTED PHOTOGRAPHS ACQUIRED IN GROCERY CHAIN ASSET PURCHASE FROM BANKRUPTCY
Bankruptcy court held that the buyer purchased the assets free and clear of any copyright interests held by the photographer supplier. M&A Stories October 3, 2022 Introduction In a recent bankruptcy case, a buyer who acquired assets from a bankrupt…
BUYER OF RESTAURANT ASSETS FACES LAWSUIT OVER EMPLOYEE WAGE AND HOUR CLAIMS
Federal court dismissed claims of former seller employees against buyer of restaurant assets because employees did not allege in their complaint that buyer had been aware of wage and hour problems at the restaurant or the inability of the seller…
Posted in problems with seller's employees Tagged with: asset purchase agreement, Buyer of restaurant assets, due diligence, Employee wage and hour claims, Escrow or holdback mechanisms, Federal court ruling, Inc. (case reference), Lawsuit, Liability assumption, M&A legal blog, Vazquez v. Molto Bene Bellmore
CLOTHING MAKER’S ASSET BUYER AWARDED $325K CD IN COURT RULING
The certificate of deposit was deposited by the seller with the state of Tennessee to secure its self-insured worker’s compensation program. M&A Stories August 23, 2022 Introduction When acquiring a business’s assets, it’s crucial to accurately document the items being…
DENTIST’S DISPUTE: COURT REJECTS ARBITRATION REQUEST IN PRACTICE SALE
Both the Missouri trial and appellate court hold that the purchase agreement’s arbitration clause was unenforceable because it failed to comply with the state’s required formalities M&A Stories July 28, 2022 Introduction: Selling a dental practice can lead to legal…
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