January 15, 2014:
The Law Offices of Joshua N. Garick obtained a $762,259.35 judgment in a contract case involving a breach of a stock purchase agreement relating to the transfer of stock in a closely held Colorado corporation. After the shares were acquired, the purchaser defaulted on his obligation to make annual payments towards the purchase price of the stock. A judge of the Middlesex County Superior Court entered judgment against the purchaser that included damages for the breach, attorneys’ fees and interest at a rate of 18% per year.
After the court entered the judgment, the parties engaged in extensive negotiations to come up with a way for the purchaser to pay the large judgment. The parties agreed to a deal that included a cash payment, assignment of stock in two corporations, assignment of debt, and retail discounts on future purchases.