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Monday, February 17, 2014

Ind. Decisions - "Supreme Court decides not to hear Holiday World case"

Among the cases denied transfer today by the Supreme Court was Koch Development Corporation and Daniel L. Koch v. Lori A. Koch, as Personal Representative of the Estate of William A. Koch, Jr., Deceased. The appellant's request for transfer was denied 5-0, allowing the Oct. 3, 2013 Court of Appeals opinion to stand.

Jeff Swiatek, Indianapolis Star business writer, has the story here. Some quotes:

The appeal was requested by Dan Koch, Will’s brother, who came out on the losing end of the Appeals Court ruling and now appears to have reached the end of his legal fight to gain control of the family owned park from his sister-in-law.

In an email, however, Dan Koch gave no indication that he will sell his 40 percent minority ownership interest in the park now that his three-year legal fight against Lori appears over. She owns the other 60 percent.

“The courts have spoken and I respect the rule of law. I have tremendous legacy knowledge of where Holiday World has been and where we are going,” said Dan Koch, a Florida attorney who filled in as park president after his brother’s death by drowning in 2010. He was later fired by Lori. * * *

The legal fight centered on the price that Dan Koch should pay to buy his sister-in-law’s inherited shares in the park.

Lori Koch argued that Dan Koch's $27 million offer undervalued her husband's shares by at least $5 million. A Vanderburgh County judge, who first heard the case, agreed, saying Dan's offer was invalid because it breached a family agreement that outlined the procedures for buying shares if a family shareholder died.

The appeals court upheld the Vanderburgh judge's ruling, saying that Dan Koch not only offered too little for the shares, but failed to raise his price when Lori asked. “Dan ... stubbornly stood by (his) initial low-ball offers,” the court said.

The park is one of the state’s top tourist destinations, drawing 1 million people a year to Spencer County.

Posted by Marcia Oddi on February 17, 2014 02:34 PM
Posted to Ind. Sup.Ct. Decisions