Court declines to hear dispute involving sale of business
Published: August 5,2013
Tags: acquisition, bench, court, Crow's Sports Center Inc., judicial, judiciary, justice, law, lease, legal, Lynn Lambert, Martha Crow, Mississippi Supreme Court, purchase, Rhonda Lambert, sale, Sylvester Crow
PRENTISS COUNTY — The Mississippi Supreme Court has let stand an order that the sale of a Prentiss County business will await a local judge’s determination of its fair market value.
The state Court of Appeals issued the ruling last year. The Supreme Court this past week declined to hear the case.
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.
The Appeals Court ruled the local judge should obtain an independent appraisal and hold a hearing to determine the property’s fair market value.
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