Cheryl inherited her husband's 50 percent interest in a trucking and crop-spraying business in northeast Nebraska. There was no buy-sell and no mechanism to value Cheryl's shares.
The company had over $1 million in assets but also $1m in debt. While the tax returns showed little profit the cash flow was solid and the debt could be serviced.
Cheryl filed an action for judicial dissolution of the corporation. Her husband's business partner filed a pleading stating that he would purchase her half interest for $40,000, but that was not accepted by Cheryl.
The case went to trial. Cheryl's expert valued the entire company at between ...
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The FTC’s cooling-off rule or the 3-day right to cancel
One of the cardinal rules of home improvements is always to get at least two (if not three) estimates. Why? When a homeowner gets more than one estimate, then usually Mr. Market works. Oftentimes there can be a considerable variation in prices. The low price for fungible goods is usually your best value. When "big box" retail home improvement stores came on the scene in recent years (think Home Depot and Lowe's), a whole lot of price competition got injected into the market.
For example, until recently I thought only a Pella dealer could sell Pella doors. Turns out Lowe's sells and installs Pella doors. It is the same product and the door ...
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“A windfall that borders on the obscene”
Those are the words of Nebraska Supreme Court judge William Cassel dissenting in the case of Wisner v. Vandelay Investments. The case result was that the estate of a 90 plus widow ended up losing real estate worth over a million dollars due to unpaid real estate taxes of $50,000.
Gladys Wisner owned 480 acres of Lincoln County, Nebraska real estate. In 2009 Gladys moved into a retirement community. In 2010, the real estate taxes became delinquent. In 2011, the county sold a tax certificate for the property. It yields interest at the rate of 14 percent. Because of that high rate, Nebraska has a very active market in these financial ...
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