Beidel v. Sideline Software, Inc.
Plaintiff was a minority shareholder in Defendant, a company that served the fantasy football league market. Plaintiff sought specific performance of the stock repurchase agreement that he and the majority shareholder had signed. At issue was whether Defendant should pay only the appraised value for Plaintiff's shares or whether Defendant should pay the stipulated share price, which was approximately six times more, where Defendant delayed terminating Plaintiff's employment until the stipulated price expired. The circuit court granted summary judgment for Defendant. The court of appeals reversed, concluding that this case required balancing of the equities that were due to a specific performance claim and consideration of the potential application of the covenant of good faith and fair dealing. The Supreme Court affirmed and remanded for the circuit court's determination of "where the bulk of the equities lie, including an evaluation of what the parties intended when they agreed to the stock repurchase agreement, and whether it should grant specific performance" as Plaintiff requested.View "Beidel v. Sideline Software, Inc." on Justia Law