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Contracts Keyed to Epstein
Weigel Broadcasting Co. v. TV-49, Inc.
Citation:466 F. Supp.2d 1011 (2006)
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- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Defendant TV-49 is a small television station based in Wisconsin. On May 18, 2005, an offer was made for the purchase of TV-49 by plaintiff, Weigel Broadcasting Company, an Illinois company engaged in the operation of broadcast television stations. The offer stated that Weigel was interested in acquiring TV-49 for $5,000,000 in cash. Plaintiff stated that it was subject to FCC and other regulatory approval, as well as the terms of a customary definitive purchase agreement. It further stated that the purchase agreement would be completed within 40 days from the date of the letter, and the FCC applications would be filed within five days. The offer then stated that if the terms of the offer were acceptable to defendants, Weigel would place $250,000 in escrow and deposit another $250,000 after the signing of a purchase agreement. The offer was to be held open for ten days and required TV-49, within that time, to agree to the letter and provide written assurance that it had terminated negotiations to sell the station to another party and would not entertain any similar negotiation pending the completion of a definitive purchase agreement.
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