Asset Management Associates of New York, Inc. v. Emerson Telecommunication Products, LLC, 08-cv-2128 (U.S.D.C., E.D.N.Y.).
Jan 09, 2014OUTCOME: $1.9 million Judgment
Successfully represented seller of businesses in defense of post-closing claims asserted by the buyer, including claims that seller misrepresented the value of inventory as part of the sale. After def ... eating the buyer's claim for fraud based rescission of the entire transaction, as well as the agreement's arbitration provision (Asset Mgmt. Assocs. v. Emerson Telcom. Prods. LLC, 08-CV-2506, 2011 U.S. Dist. LEXIS 9434 [E.D.N.Y., Jan. 25, 2011]), the dispute was arbitrated in 2013 before a forensic accounting examiner. The Arbitrator ultimately rejected the buyer's claims for $3.9 million and found in favor of seller on its claims for a post-closing adjustment. On January 9, 2014, the Court entered Judgment against the buyer for $1.9 million.