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GENMOORA CORP. v. MOORE BUSINESS FORMS, INC.

No. 89-1632.

939 F.2d 1149 (1991)

The GENMOORA CORPORATION, Plaintiff-Appellee, v. MOORE BUSINESS FORMS, INC., Defendant-Third Party Plaintiff-Appellant, v. Joseph T. VERDESCA, Sr., William C. Jackson, Jr. and Steve Pert, Third Party Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

On Petition for Rehearing and Petition to Clarify Mandate September 30, 1991.

As Modified on Petition to Further Clarify Mandate; Mandate Recalled October 17, 1991.

Attorney(s) appearing for the Case

Robert E. Goodfriend, Dallas, Tex., for Moore Business Forms, Inc.

Stephen W. Shoultz, Dallas, Tex., for Genmoora Corp., Verdesca, Jackson and Pert.

Mike A. Hatchell, Tyler, Tex., Russell H. McMains, William V. Dorsaneo, III, Corpus Christi, Tex., for Genmoora Corp.

Before CLARK, Chief Judge, REAVLEY and KING, Circuit Judges.

KING, Circuit Judge:

In this dispute over the sale of a chain of retail computer stores, the buyer agreed to pay $6 million in cash, deposit $1 million in an escrow account, and pay $2 million subsequent to the closing (the "Deferred Amount"). The payment of the Deferred Amount and the escrow account were subject to a price adjustment based on an audited financial statement to be prepared after the closing by Touche Ross & Co. ("Touche Ross"). Touche Ross never...

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