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VALLEY PONTIAC-CADILLAC-JEEP-EAGLE, INC. v. JIM THORNTON PONTIAC CADILLAC, INC.

No. 3-88-0546.

187 Ill. App.3d 699 (1989)

543 N.E.2d 950

VALLEY PONTIAC-CADILLAC-JEEP-EAGLE, INC., Plaintiff-Appellant, v. JIM THORNTON PONTIAC CADILLAC, INC., Defendant-Appellee (General Motors Corporation et al., Defendants in Garnishment).

Appellate Court of Illinois — Third District.

Opinion filed August 25, 1989.

Attorney(s) appearing for the Case

Armstrong, Surin & Engels, of Ottawa (Craig M. Armstrong, of counsel), for appellant.

Darrell K. Seigler, of Ottawa, for appellee.

Reversed and remanded.

PRESIDING JUSTICE WOMBACHER delivered the opinion of the court:

On January 8, 1988, Valley Pontiac entered into an asset purchase agreement with the defendant, Thornton Pontiac, in order to purchase the defendant's automobile dealership. The purchase price was set at $580,000, which included a $150,000 cash down payment.

Valley Pontiac was also granted an option to purchase the building which housed the dealership.

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