Challenge: Before hiring Holden Law, a client signed a Letter of Intent (“LOI”) to
purchase an existing business. After performing due diligence and reviewing the
business’s financials and tax returns, the client decided not to proceed with the sale
because the facts did not align with the seller’s original representations. The seller
refused to return the client’s deposit if the client canceled the transaction. Holden Law
was hired to help recover the buyer’s deposit.
Holden Law Solution: Yvonne Holden, Esq., reviewed the LOI and determined that the
terms agreed upon by the buyer and seller in the LOI allowed the buyer to back out of
the transaction and receive the buyer’s deposit in full if the buyer was not satisfied with
the results of the due diligence. She negotiated with the seller’s attorney, and the buyer
received the buyer’s deposit in full.
Outcome: The buyer was not forced to proceed with an unsatisfactory deal and was
able to cancel the transaction and receive the buyer’s deposit in full.
