Mrachek Law shareholders Alan Rose and Greg Weiss recently handled a bench trial in the 15th Circuit in and for Palm Beach County, Florida. The Court entered a Final Judgment on March 14, 2018, awarding Mrachek Law’s client $3,170,000. Rose and Weiss represented the seller of a statewide independent insurance business, who, in 2016, sold the business to a New York City based investment group for $18,800,000, with $3,300,000 to be held in escrow. The purchase price was based on the 2015 Net Income for the collective agencies being greater than $3,000,000, times a multiple of 6.27. The seller alleged the buyer breached the contract by wrongfully keeping the full escrow amount, and the buyer counterclaimed that the seller misrepresented the 2015 Net Income during due diligence. After a multi-day trial, the Court found for Mrachek Law’s client, and against the buyer, awarding Mrachek Law’s client $3,170,000. Mrachek Law is a boutique business trial firm that handles matters on both an hourly and contingency basis, with offices in West Palm Beach and Stuart, Florida.
