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Assisted original principals in defending a $6 million claim by the acquiring firm regarding a project that manufactured long-term storage containers for spent nuclear fuel. The purchasing firm alleged that the principals of the original firm misrepresented relevant financial information related to the project’s progress and forecast costs at the time of the change in ownership. Assisted original principals in substantiating that actual performance of the work in progress was in fact consistent with projections and the only exceptions were due to a substantial change in the definition and allocation of overhead burdens, and other business decisions made by the acquiring firm subsequent to the transfer of ownership. Claim was settled prior to hearings and on terms very favorable to defendant client.

Power

Massachusetts

Assisted original principals in defending a $6 million claim by the acquiring firm regarding a project that manufactured long-term storage containers for spent nuclear fuel. The purchasing firm alleged that the principals of the original firm misrepresented relevant financial information related to the project’s progress and forecast costs at the time of the change in ownership. Assisted original principals in substantiating that actual performance of the work in progress was in fact consistent with projections and the only exceptions were due to a substantial change in the definition and allocation of overhead burdens, and other business decisions made by the acquiring firm subsequent to the transfer of ownership. Claim was settled prior to hearings and on terms very favorable to defendant client.

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