Estate of Cohen v. Booth Computers
New Jersey Superior Court, Appellate Division
22 A.3d 991 (2011)
- Written by Rich Walter, JD
Facts
Claudia Cohen and her brother, James Cohen (defendant), were the two partners in Booth Computers (Booth) (defendant), a family partnership Claudia and James inherited from their wealthy father, Robert Cohen. Neither child played any part in drafting Booth’s partnership agreement, which presumably was written by Robert’s lawyer. Neither child invested significant sums of his or her own money in the partnership. The partnership agreement stressed the importance of keeping Booth in family hands. The agreement stipulated that if one partner died, the other partner would purchase the decedent’s interest in the partnership for the decedent’s share of the partnership’s “full and true value,” defined as the partnership’s net book value. When Claudia died, her estate (plaintiff) sued Booth and James to collect Claudia’s share of Booth’s fair market value, which was 60 times greater than its net book value. The trial court entered judgment for Booth and James. Claudia’s estate appealed to the New Jersey Superior Court, Appellate Division, contending that the gross disparity between Booth’s book value and Booth’s market value entitled the estate to a higher award.
Rule of Law
Issue
Holding and Reasoning (Carchman, J.)
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