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Denkins v. Zinkan Enterprises
Ohio Court of Appeals
1997 Ohio App. LEXIS 4742 (Oct. 29, 1997)
James D. Denkins (plaintiff) contracted to purchase 147 shares of stock in Zinkan Enterprises Inc. (Zinkan) (defendant). Denkins was to pay $200,000, and the agreement contained an option that allowed Denkins to sell the shares to Zinkan for the greater of $1,500 or 2.5 times the book value per share within a specified time frame. The agreement stated that book value was to be calculated by dividing Zinkan’s equity after taxes “as shown on [the] yearly financial statement” by the number of outstanding shares. Denkins exercised the option, but Zinkan did not buy the stock back. Denkins sued for breach in the Summit County Common Pleas Court and amended the damage amount to $343,340.55. Denkins claimed that amount represented 2.5 times the book value of the stock based on $685,745 in equity listed on a balance sheet given to Star Bank for dealings unrelated to this case. The trial judge found that Denkins did not prove that the $685,745 was the actual equity for purposes of calculating book value. The judge ordered Zinkan to pay $1,500 per share, for a total of $220,500. Denkins appealed to the Ohio Court of Appeals.
Rule of Law
Holding and Reasoning (Dickinson, J.)
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