Sale of business awaits Court of Appeals ruling

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Published: November 18,2012

Tags: acquisition, appeal, buy, judge, law, legal, merger, purchase, ruling, sale, sell

PRENTISS COUNTY — The state Court of Appeals says the sale of a Prentiss County business will await a local judge’s determination of its fair market value.

The Northeast Mississippi Daily Journal reports Martha Crow and her husband Sylvester signed a lease in 2005 with Crow’s Sports Center Inc., Lynn Lambert and Rhonda Lambert. It included an option-to-purchase.

After Sylvester Crow died in 2010, the Lamberts offered to buy the business. They included an appraisal for $47,000. Crow refused their offer citing two other appraisals for more than $100,000.

In 2011, a judge found that the option-to-purchase provision was enforceable.

The Appeals Court this week ruled while the provision was enforceable, the local judge should obtain an independent appraisal and hold a hearing to determine the property’s fair market value.

 

Northeast Mississippi Daily Journal

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