A trial court properly interpreted contract language about accounting deductions involved in the sale of a Gucci flagship store, though its math wasn’t entirely correct, the Delaware Supreme Court ruled Thursday.
An investor who sold Festival Cos. affiliates his option to buy the store in Beverly Hills, Calif., shouldn’t have expected to receive an extra $3.2 million from the store’s resale under the terms of his contract with Festival, Justice Abigail M. LeGrow said in a 21-page opinion for the court’s full five-member panel.
The contractual language is unambiguous, and while the trial court misinterpreted the formula for the accounting ...
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