Sale of business awaits Court of Appeals ruling
Published: November 18,2012
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
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- JACK WEATHERLY: Finding a house, defending a neighborhood, finding a voice
- Top 40 Under 40
- Bids on reworking Interstate 55 stretch are rejected
- Terminal upgrade on indefinite hold at Jackson International Airport
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- CFPB wants repay ability at center of new payday loan rules
- MDA to close all its regional offices
- Top 40 Under 40 (digital magazine)