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VIOLIN ENTERTAINMENT ACQUISITION COMPANY, INC. v. VIRGIN ENTERTAINMENT HOLDINGS, INC.

59 A.D.3d 171 (2009)

871 N.Y.S.2d 613

VIOLIN ENTERTAINMENT ACQUISITION COMPANY, INC., Respondent, v. VIRGIN ENTERTAINMENT HOLDINGS, INC., Appellant.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided February 3, 2009.

Petitioner properly sought to invoke the accounting arbitration provision to obtain a purchase price adjustment where respondent's financials contained a long-standing understatement of accounts payable. While this understatement constituted a breach of the seller's representation and warranty in failing to comply with generally accepted accounting principles (GAAP), it is not subject to resolution via the agreement's indemnification...

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