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Corporations Keyed to Rhee
SP Investment Fund III, LLC v. Zell
Citation:2018 WL 6787328 (Cal. App. 2018)
William Zell, a New York resident, received an unsolicited offer from SP Investment Fund III, LLC to buy Zell’s single-unit share of a New York limited partnership for $3,600. Zell accepted the offer and signed a one-page purchase agreement, which stated that he agreed to sell, and SP agreed to buy. Later, SP advised Zell that the partnership had not approved the transfer of Zell’s unit, and thus Zell would remain its record owner. SP asserted, however, that the purchase agreement nonetheless remained in force. SP resisted Zell’s subsequent attempts to cancel the sale and return the purchase price with interest.
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