Industry: Finance and Insurance

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Waterkeepers

No one likes a bully.

After our client’s husband suddenly passed away, she inherited his 50 percent interest in one of the largest property insurers in the state of Florida. His billionaire best friend owned the other half. Rather than remain as 50% partner in a company she didn’t want, she sold her 50% interest for $30 million dollars of which $10 million was payable over ten years. Although the first payment was made, one week before the second $1MM payment was due, the buyer notified her that he was not going to make any additional payments because her deceased husband had lied to him about the value of the company. The buyer also threatened to make public that Mr. Gold had spent his days at massage parlors and casinos unless she released him of future liability.

Rather than be bullied, MM&H immediately filed claims to accelerate payment of the remaining funds due and owing. The partner countersued, accusing her deceased husband of fraud, seeking rescission of the transaction, reformation of the promissory note and $21 million in damages. A high profile and very contentious litigation battle followed.

The case settled on very favorable terms after MM&H successfully obtained an order granting judgment on the pleadings, and then summary judgment.