Justia Business Law Opinion Summaries

This lawsuit stemmed from an agreement between the ART entities and the Clapper entities to purchase several apartment complexes. The parties organized the transaction so that an intermediate entity, the Partnership, would be the nominal buyer of the properties. The court found that the ART entities waived their challenge to the district court’s general application of the 19% prejudgment interest rate, its use of a compounding interest calculation, and its calculation of prejudgment interest through and including the date of judgment. Accordingly, the court vacated and remanded with instructions for the district court to reenter the portions of its first judgment that were affirmed in Art Midwest II, and to recalculate pre- and postjudgment interest on the section 4.02(d) of the Partnership Agreement award with reference to the date of the first judgment, October 11, 2011. View "Art Midwest, Inc. v. Clapper" on Justia Law