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DRAFT FOR ATTORNEY REVIEW — NOT FINAL

Gomez v. Independence Management of Delaware, Inc., 967 A.2d 1276 (2009)

Citation
Gomez v. Independence Management of Delaware, Inc., 967 A.2d 1276 (2009)
Parent Document
Gomez v. Independence Management of Delaware, Inc., 967 A.2d 1276 (2009)
Jurisdiction
DC (municipal)
Effective Date
2009-03-26

Other Sections in This Document (161)

Full Text

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Alem and Thai initially structured their agreement so that IMC would transfer a “95% interest as Tenants in Common” at closing; then, 866 days later, IMC was to transfer “its remaining Five (5%) interest to [HL Investments] for consideration of [one dollar].” In return, Thai was to pay the “total purchase price,” $3,875,000, at closing. Alem testified that the purpose behind this structure was to avoid the requirements of the Sale Act. This deal never went to closing, however, because Thai had difficulty obtaining title insurance as a result of various liens on the property.