New Media Holding Company LLC v Kuznetsov

New Media Holding Company LLC v Kuznetsov

The Term Sheet was a legally binding and enforceable contract, supported by valid consideration in the form of funding and forbearance provided by Mr Gusinski. The Notice of Redemption complied with the express requirements of the Term Sheet and was valid. Non-compliance with Latvian statutory pre-emption rights did not invalidate the redemption or transfer, and no implied term prevented enforcement. Judgment is entered for the Claimant.

Parties
Claimant: New Media Holding Company LLC; Defendant: Ivan Kuznetsov
Jurisdiction
England and Wales
Judgment Date
26 February 2016
Procedural Posture
Civil / Judgment
Outcome
Judgment for the Claimant
Legal Topics
Intention to Create Legal Relations, Consideration, Enforceability of Term Sheets, Redemption Rights, Shareholder Agreements, Statutory Pre Emption Rights
Contract Law Commercial Law Intention to Create Legal Relations Consideration Enforceability of Term Sheets Redemption Rights Shareholder Agreements Statutory Pre Emption Rights

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Parties

New Media Holding Company LLC

Claimant

Ivan Kuznetsov

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether the Term Sheet was legally binding and enforceable
  2. 2 Whether valid consideration supported the Term Sheet
  3. 3 Whether the Notice of Redemption was valid and enforceable under the Term Sheet

Ratio Decidendi

The Term Sheet was a legally binding and enforceable contract, supported by valid consideration in the form of funding and forbearance provided by Mr Gusinski. The Notice of Redemption complied with the express requirements of the Term Sheet and was valid. Non-compliance with Latvian statutory pre-emption rights did not invalidate the redemption or transfer, and no implied term prevented enforcement. Judgment is entered for the Claimant.

Court Disposition

Judgment for the Claimant

Orders

  • Mr Kuznetsov to pay US$480,124.34 plus interest to the Claimant under the Term Sheet redemption right
  • Court to hear submissions as to the precise terms of the order and consequential orders