This appeal in a California court involved a dispute over an appraisal of the plaintiffs’ 15% interest in a grocery store the defendant operated. The plaintiffs alleged that the award of the superior court was obtained by fraud and that the arbitrator prejudiced their rights.
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Valuation Confirms Salability of ‘Unique’ Restaurant’s Goodwill
State high court rejects per se extension of personal goodwill concept to nonprofessional businesses and finds in case at issue restaurant’s valuation indicates goodwill is marketable and thus corporate and subject to marital distribution.
Goodwill Determination Turns on Classification of Auction Business
Appeals court affirms trial court’s finding that all the goodwill in husband’s auction business is nontransferable where the husband is the only licensed auctioneer and the sole shareholder of the company and allows for expansion of concept of profession.
Brave v. Brave (II)
State high court rejects per se extension of personal goodwill concept to nonprofessional businesses and finds in case at issue restaurant’s valuation indicates goodwill is marketable and thus corporate and subject to marital distribution.