(DOWNLOAD) "Heritage Broadcasting Company v. Wilson" by Court of Appeals of Michigan # eBook PDF Kindle ePub Free

August 22, 2021

eBook details

Title: Heritage Broadcasting Company v. Wilson
Author : Court of Appeals of Michigan
Release Date : January 06, 1988
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 65 KB

Description

On June 26, 1986, the Oakland Circuit Court granted plaintiff specific performance of a contract in which defendant was to sell two television stations to plaintiff. Defendant appeals as of right. Defendant is the owner of television station WWTV and its satellite station, WWUP-TV, located in Cadillac and Sault Ste. Marie, Michigan, respectively. Plaintiff is a corporation formed to acquire and operate broadcast properties. In 1983, plaintiff and defendant entered into negotiations for the sale of defendant's stations to plaintiff. On October 16, 1983, Robert Smith, plaintiff's representative, and David Olsen, defendant's representative, orally agreed on a purchase price of $10.4 million, with defendant retaining its accounts receivable worth $600,000. They also agreed that the parties would enter into a letter of intent, one provision of which would be that defendant would not negotiate with any other buyer for forty-five days, during which the parties would seek to negotiate a mutually agreeable definitive agreement of sale.