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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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On June 24, 2003, Alem created Independence Management of Delaware, Inc. (“IMDel”), a wholly-owned subsidiary of IMC. The next day, on June 25, Alem appointed himself president of IMDel; he then resigned and appointed Thai as sole director and sole officer. That same day, IMC, acting through Alem, its president, entered into an Agreement of Sale of Shares of Stock of Independence Management of Delaware, Inc. (“Stock Sale Agreement”), with L Street Building, LLC, a company owned by Thai. In the contract, IMC agreed to sell 99% of IM-Del’s stock to L Street Building for $3,875,000 — the price originally negotiated for the sale of the Eldon. Alem testified that he contracted to sell 99% of IMDel, rather than 100%, because he believed it would allow him to avoid the requirements of the Sale Act.