Festival Cos. affiliates and its chairman defeated Delaware litigation over the real estate investment firm’s acquisition and resale of the Gucci flagship store on Rodeo Drive in Beverly Hills.
Vice Chancellor Nathan A. Cook ruled in favor of Festival and co-founder Mark Schurgin. The judge, writing for Delaware’s Chancery Court, on Monday rejected claims that Festival used improper accounting deductions to push the net sale price below the threshold that would have triggered millions in payments to the investor leading the lawsuit.
Festival sold the property to an affiliate of Ponte Gadea Group, the personal investment firm for Zara founder ...
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