2nd Circ. Sides With Benihana Over $8M Sushi Co. Buy

Law360, New York (March 5, 2012, 5:23 PM EST) -- The Second Circuit on Monday largely backed the dismissal of a suit claiming Japanese steakhouse chain Benihana Inc. skirted accounting rules in a stock purchase contract tied to its $8.1 million acquisition of Haru Holding Corp.

Benihana bought control of 80 percent of Haru in 1999, with an option to buy the remaining 20 percent at a price calculated by subtracting Haru's debt from its cash flow. But Barbara Matsumura and Carl Milner, the sushi chain’s owners, refused to sell the 20 percent stake in 2005,...
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