[DOWNLOAD] "Gemstar Limited V. Ernst & Young" by Arizona Court of Appeals * eBook PDF Kindle ePub Free

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eBook details

• Title: Gemstar Limited V. Ernst & Young
• Author : Arizona Court of Appeals
• Release Date : January 14, 1995
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 75 KB

Description

This lawsuit was brought by two British Virgin Island corporations, Gemstar, Ltd., and Canstar, Ltd. ("the corporations") and five shareholders of these corporations (collectively, "plaintiffs") as a result of defendants' accounting activities regarding two Arizona real estate transactions. Plaintiffs' essential theory of recovery is that, although they authorized and executed documents prepared by defendants in 1980 by which they sold two parcels of raw land for $10 million to a nonparty, Ziggy's Opportunities, Inc. ("Opportunities"), they had an oral "share and share alike" agreement with its owner and co-shareholder of the corporations, Seigfried ("Ziggy") Wauro, that entitled them to a proportionate share of the additional profits from Ziggy's subsequent sale of the properties in 1983-84. Plaintiffs alleged that defendants' accounting conduct caused them to lose more than $4 million in additional profits that Ziggy, through Opportunities, pocketed.

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