Right of First Refusal – Foreclosure

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WI Court of Appeals – District IV

Case Name: James D Woodburn, Jr. v. Rock Solid Ventures, LLC

Case No.: 2015AP1870

Officials: Kloppenburg, P.J., Lundsten and Higginbotham, JJ.

Focus: Right of First Refusal – Foreclosure

This case involves a dispute over a right of first refusal that James Woodburn, Jr., and Scott Woodburn hold on property formerly owned by Robert Sutter. The dispute arose after the Sutter property went into foreclosure and was acquired upon foreclosure sale by Sutter’s nephew’s company, Rock Solid Ventures. The Woodburns argue that their right of first refusal applied to the foreclosure sale and that the circuit court should have granted them equitable relief in the form of requiring Sutter and Rock Solid to allow the Woodburns to acquire the property “on the same terms and conditions” under which Rock Solid acquired the property. Sutter and Rock Solid respond that the Woodburns’ right of first refusal did not apply to the foreclosure sale and that the Woodburns have not otherwise shown that they are entitled to the equitable relief they seek. We agree with Sutter and Rock Solid and, therefore, affirm.

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Attorney Derek A. Hawkins is the managing partner at Hawkins Law Offices LLC, where he heads up the firm’s startup law practice. He specializes in business formation, corporate governance, intellectual property protection, private equity and venture capital funding and mergers & acquisitions. Check out the website at www.hawkins-lawoffices.com or contact them at 262-737-8825.