Dowell v. G & G Motorcycles, Inc. et al, No. 3:2014cv00263 - Document 58 (E.D. Va. 2014)
Court Description: MEMORANDUM OPINION. Signed by District Judge John A. Gibney, Jr. on 11/26/2014. (walk, )
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Dowell v. G & G Motorcycles, Inc. et al Doc. 58 IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA Richmond Division MARSHALL E. DOWELL, Plaintiff, V. Civil Case No. 3:14cv263 G & G MOTORCYCLES, INC., et al., Defendants. MEMORANDUM OPINION This matter came before the Court for a bench trial on October 16, 2014. The case presents two issues: 1) does the doctrine of recoupment entitle the defendants to a reduction of the amount they owe the plaintiff, and 2) if so, how much? The Court fmds that the defendants are entitled to a reduction in the purchase amount, but still owe the plaintiff $97,751.69. I. FINDINGS OF FACT In 2003,' Marshall Dowell and his partner, Greg Stoneman, agreed to sell their Harley Davidson dealership to George Wills^ for $12,000,000. Apparently, Wills paid $7,000,000 of the purchase price at closing. To complete the purchase. Wills signed promissory notes totaling $5,000,000 payable to Dowell and Stoneman. Because Dowell owned 51%of the dealership, the note to him was slightly more than half the amount due—$2,764,200. Dowell and Stoneman sold the dealership as an on-going business, including assets, such as inventory and down payments, that change daily as customers do business with the dealership. In recognition that the precise value of the assets would change between the date of the ' Given the date of the original transaction, the defendants have asserted a statute of limitations defense in their answer, but the parties did not present evidence on this issue at trial. (Dk. Nos. 6 & 19.) Consequently, the Court makes no finding on this issue. ^ Upon execution of the agreement. Wills assigned his rights to his corporation, G & G Motorcycles. Wills signed a guaranty of any amount due, so, for the purposes of this opinion. Wills and G «& G have the same liability, and the Court will refer to them both as "Wills." Dockets.Justia.com
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