News & Analysis as of

Purchase Agreement

Hawaiian Punch: State Supreme Court Stands Up to SCOTUS on Arbitration

In January of 2016, SCOTUS granted review of an arbitration case from Hawaii, but summarily vacated and remanded it without analysis. (Unless you consider “Please read DIRECTV” substantive analysis.) Here’s the risk of that...more

California Supreme Court Issues Critical Opinion Regarding Structure and Language of Contractual Attorneys' Fees Provisions

by Allen Matkins on

The California Supreme Court recently issued its opinion in Mountain Air Enterprises v. Sundowner Towers, addressing a simple but important question regarding attorneys' fees provisions in commercial contracts: If a contract...more

RCRA Corrective Action Liability: Can it be Imposed on a Company that Never Owned or Operated the Facility?

by Williams Mullen on

The North Carolina Court of Appeals recently issued a ruling that will have a significant impact on business transactions involving property subject to a permit or corrective action obligations under the Resource Conservation...more

You Cannot Have it Both Ways: Missouri Appellate Court Holds City Cannot Bring a Complaint for Breach of a Contract and Plead in...

by Pepper Hamilton LLP on

City of Dardenne Prairie v. Adams Concrete & Masonry, LLC, No. ED104982, 2017 Mo. App. LEXIS 533 (Mo. Ct. App. May 30, 2017) - This case arises out of a construction project in which the City of Dardenne Prairie (the...more

Actual Notice Exception to Pre-Lien Notice Requirement of Nevada Lien Statute Does Not Apply to Architect’s Offsite Work When No...

by Pepper Hamilton LLP on

Iliescu v. Steppan, No. 68346, 2017 Nev. LEXIS 38, (Nevada Supreme Court, May 25, 2017) - Appellants Iliescu entered into a Land Purchase Agreement to sell four unimproved parcels in downtown Reno, Nevada to Consolidated...more

Delaware Law Updates - Delaware Supreme Court Rejects Over Expansive Application Of True-Up Provision In Purchase Agreement

by McCarter & English, LLP on

Chicago Bridge & Iron Co. v. Westinghouse Elec. Co. LLC, et al., No. 573, 2016 (Del. June 28, 2017) - The Delaware Supreme Court reversed the Court of Chancery’s entry of judgment on the pleadings based on a flawed...more

High Court Resolves $2B 'True Up' Dispute Against Acquirer

by Morris James LLP on

The Delaware Supreme Court's recent decision in Chicago Bridge & Iron v. Westinghouse Electric, resolved a $2 billion post-closing dispute about the interplay between common features of acquisition agreements: sellers'...more

Supply and Purchase Agreement Triggers On-Sale Bar Provision of 35 USC § 102(b)

by McDermott Will & Emery on

The US Court of Appeals for the Federal Circuit reversed the district court and found that a Supply and Purchase Agreement between Helsinn and third-party MGI Pharma, Inc. (MGI) before the critical date of the asserted...more

Rhode Island Court Gives Assignability of Employee Non-Competes a Haircut

Last month, a Rhode Island trial court held that a hairdresser’s noncompetition agreement with the salon for which she had been working, which sold its assets to a successor salon, was not transferable to the successor...more

Merger and Purchase Agreements Governed by Maryland Law: "Sandbagging"

by Miles & Stockbridge P.C. on

Merger and purchase agreements involving Maryland corporations and REITs may be governed by Maryland law. For lawyers accustomed to agreements governed by Delaware or New York law, we are frequently asked to describe key...more

Judgments

by Dentons on

No duty to obtain best price reasonable in a forced sale – upheld by Court of Appeal - (1) Rosserlane Consultants Ltd (2) Swinbrook Developments Ltd v. Credit Suisse International [2017] EWCA Civ 91 - This was the...more

Forum Selection Clause in Broker Agreement Insufficient to Confer Personal Jurisdiction

by Farrell Fritz, P.C. on

The Second Department recently handed down a harsh reminder of the importance of obtaining an executed broker’s agreement.  Oral agreements for broker fees are apt to run afoul of the statute of frauds, and personal...more

A Working Capital True Up is not an End Run on a Liability Bar

In Chicago Bridge & Iron Co. N.V. v. Westinghouse Electric Co. LLC, the Delaware Supreme Court examined the interaction between a working capital true up and alleged breaches of financial statement representations and...more

NVM-koopovereenkomst in een nieuw jasje (Dutch)

by Dentons on

From 1 May 2017, the NVM will use a new model purchase agreement. The new NVM purchase agreement contains a number of changes to the NVM purchase agreement from 2014. For a detailed explanation of the changes, the article of...more

Maximizing the Value of Your R&W Insurance Policy

by McGuireWoods LLP on

The global M&A boom has spurred an increase in the use of representation and warranty insurance (“RWI”), which is designed to protect the insured party against breaches of a sellers’ representations and warranties in a...more

Tenth Circuit Finds That Arbitration Agreement Governs Dispute

by Carlton Fields on

The Tenth Circuit has determined that an arbitration agreement included as part of a set of agreements executed in connection with the purchase of a pickup truck applied to a dispute over a replacement set of agreements that...more

Appellate Court Notes

by Pullman & Comley, LLC on

Supreme Court Advance Release Opinions: SC19688 - State v. Lee - Appellate Court Advance Release Opinions: AC38222 - Robinson v. Robinson - Only alimony paid by a non-party / former spouse it taken into...more

Appellate Court Notes

by Pullman & Comley, LLC on

Supreme Court Advance Release Opinions: SC19661 - ARS Investors II 2012-1 HVB, LLC v. Crystal, LLC - Owner recorded an unapproved subdivision map of its commercial property into three lots and then granted a...more

Investing in China Key Challenges and Mitigation Strategy

In early 2005, a subsidiary of listed Hong Kong and China Gas Company Limited (0003.HK) bought a controlling stake in a Chinese joint venture company. Initial payments were made, but then the audited financial statements...more

Global Private Equity Newsletter - Spring 2017 Edition: Purchase Price Adjustment Disputes: Drafters Beware

by Dechert LLP on

It is common practice for purchase agreements in private company M&A transactions to contain one set of rules to determine and resolve disputes regarding a post-closing purchase price adjustment and a separate, often vastly...more

Significant Developments in Canadian Energy – For the Month of March 2017

by Dentons on

Oil Sands / Unconventional - March 29, 2017 – Cenovus Energy Inc. (“Cenovus”) agreed to acquire ConocoPhillips’s 50% interest in the FCCL Partnership, which is the companies’ jointly owned oilsands venture operated by...more

SDNY Grants Defendant GreenPoint Mortgage Summary Judgment

On March 29, 2017, Judge Andrew L. Carter, Jr., of the United States District Court for the Southern District of New York granted Defendant GreenPoint Mortgage Funding, Inc.’s (“GreenPoint“) motion for summary judgment,...more

Second Circuit Finds District Court Erred In Decision On Enforcement Of International Arbitration Award

by Carlton Fields on

The factual and procedural background of this case can be found here. In sum, beginning in the 1990s, the appellants, a group of Brazilian companies (collectively, “CBF”) entered into a series of contracts with Primetrade AG,...more

Commercial Real Estate Sellers: Hire Your Own Attorney!

by Ward and Smith, P.A. on

Many sellers believe, possibly based on their experience in residential real estate transactions, that they can rely on the buyer's attorney, or a real estate broker, to "represent" them in a transaction. Although it is...more

Purchaser of Assets in North Carolina Should Not Rely on Assign Ability of Seller's Non-Compete Agreements

We regularly field questions from companies in the process of an asset purchase, asking whether they can obtain an assignment of the seller’s non-competition agreements with its employees. While this question has never been...more

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