Quimbee logo
DMCA.com Protection Status
From our private database of 16,500+ case briefs...

Edge Group WAICCS LLC v. Sapir Group LLC

United States District Court, Southern District of New York
705 F. Supp.2d 304 (2010)


Facts

Sapir Group LLC (defendant) entered into a contract to buy Edge Group WAICCS LLC’s (plaintiff) interest in a holding limited liability company (LLC). This holding LLC was the sole member of a separate LLC that owned a share of Las Vegas real estate as a tenant-in-common with several other owners. This tenancy-in-common placed significant restrictions on the separate LLC’s ability to sell its interest in the real estate. However, Sapir and Edge had worked out a sale agreement that allowed Sapir to buy Edge’s interest in the holding LLC for $20 million. At the time of the closing, Sapir changed its mind due to changing market conditions and refused to complete the sale. Edge sued, seeking the remedy of specific performance to compel Sapir to complete the sale. Several months before the closing date, the value of the Las Vegas property had been appraised at $788 million. Despite significantly declining market conditions and without any factual support, the same appraiser claimed the property was still worth $788 million at the time of the scheduled closing. During the lawsuit, Sapir admitted under oath that it could have completed the sale but had decided it was no longer a good idea. However, two months later, Sapir argued that specific performance was inappropriate because Sapir was too broke to complete the sale.

Rule of Law

Issue

Holding and Reasoning (Dolinger, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.

Here's why 409,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 16,500 briefs, keyed to 223 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Questions & Answers


Have a question about this case?

Sign up for a free 7-day trial and ask it

Sign up for a FREE 7-day trial