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BGK Attorneys Win $500,000 Commercial Arbitration

March 24, 2010

Attorneys Julia Ketcham Corbett and Michael Karp recently obtained a successful arbitration result of over $500,000 for clients of Blethen, Gage & Krause. Michael Karp originally represented our clients when they sold their interests in a business, pursuant to seller financing, in 2004. He had thoroughly drafted the documentation of the sale, which included a promissory note secured by purchase money security interest in the assets sold, coupled with terms and protection for our clients in the event of the buyer's default. The buyer made regular payments on the note until 2008 then suddenly stopped making payments, claiming an oral modification to the agreement had occurred in 2004, and that the buyer was no longer obligated to pay the remaining balance due under the contract for the sale of the business. Under the contract terms, the case was submitted to binding arbitration. Julia Ketcham Corbett successfully argued that no modification of the contract had occurred. The arbitrator sided with our clients, awarding them all amounts owed under the note, plus interest and all of their attorneys fees incurred in arbitrating their claim. The successful outcome was obtained as a result of the thorough and careful drafting of the original agreement by Michael Karp, and careful preparation and skillful litigation of the case by Julia Ketcham Corbett, in presenting the matter to the arbitrator. The attorneys at Blethen, Gage & Krause are ready to assist you with your business transactional needs and your business litigation, should the need arise. Let us put our experience and success to work for you.
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