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blackhorsebistro

Default on Business Sale

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We have a signed contract to sell our restaurant to a former employee, which the buyer has defaulted on,

In addition to a signed 4-year lease to rent the property, which they also have defaulted on.

 

Buyer put no money or collateral down, and stole keys and customer contact lists (a felony, since it is intellectual property),

sold food under the table for cash and used our liquor license to purchase alcohol (a felony in this state), and slandered us publicly.

 

If this goes to trial, he would likely be convicted for one or both felonies, which would likely end his career, since an establishment serving alcohol is not allowed to employ someone with a felony conviction.

 

He now wants to settle out of court, so my question is how do we arrive at and justify a fair settlement amount? Default amount is over $200K.

 

We likely have lost business value as the business has been closed for 3 months while this has dragged out over the past 5 months, in addition to being slandered publicly by the buyer.

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Doubt you'll get much help here.

 

This is a UK site - I presume you are in USA?

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