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Corporations Keyed to Rhee
Fredericks Peebles & Morgan LLP v. Assam
Citation:
915 N.W.2d 770 (Neb. 2018)Facts
As of October 1, 2014, FPM had five equity partners: Thomas Fredericks, John Peebles, Lance Morgan, Conly Schulte, and Assam. In early 2014, Fredericks proposed that their compensation should be based on client generation, while others proposed that compensation should be based upon equity ownership. The partners exchanged and refined proposals over a period of months. On October 2, 2014, Assam voluntarily resigned from FPM. After his resignation, the partners made him an offer of payment intended to represent the fair market value of his equity interest as set out in the partnership agreement. Eide Bailly’s calculation engagement in 2014 concluded the value of Assam’s interest in FPM to be $3,420,000. Eide Bailly’s valuation engagement in 2016, using more recent revenue streams, concluded the value of Assam’s interest to be $3,120,000.
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