Edge Group WAICCS LLC v. The Sapir Group LLC

705 F. Supp. 2d 304 (2010)

Study Aids
Case Briefs Overview
Casebooks
Case Briefs
E
From our private database of 46,300+ case briefs, written and edited by humans—never with AI.

Edge Group WAICCS LLC v. The Sapir Group LLC

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

Play video

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 812,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead 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.

    Learn about our approachRead more about Quimbee

Here's why 812,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 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.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 812,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,300 briefs - keyed to 988 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership

Casebooks

Contracts

Key Terms