International Coal Hit with $104.1M Verdict in Coal Supply Lawsuit

International Coal Group Inc. has been found liable for $104.1 million in a breach of contract lawsuit.

According to court documents, International Coal breached a coal supply contract with Allegheny Energy Supply and Monogahela Power Company when it declared force majeure and temporarily idled a West Virginia mine in the third quarter of 2006. The lawsuit also claimed that Wolf Run, an International Coal subsidiary, continued to breach the contract by failing to ship the volumes of coal referenced in the agreement after the mine idling.

“We are disappointed in the court’s ruling today,” International Coal Senior Vice-President and General Counsel Roger Nicholson said. “[ICG] believe that the court misinterpreted both the factual underpinnings of the case as well as the applicable law. We intend to avail ourselves of post-verdict remedies and to appeal the ruling, if necessary.

If you are involved in a business dispute, please contact a Des Moines Business Attorney of LaMarca Law Group, P.C., by calling (877) 327-2600.

Developer sues Missouri city for holding up project

An Iowa developer recently sued Kimberling City, Missouri claiming that officials from the city have held up projects to be completed in the city.  Signature Holding Co. of Bettendorf, Iowa filed suit against the city, its mayor and other specified officials in the U.S. District Court in Davenport and seeks $14.5 million worth of damages.

According to court documents, Signature Holding Co. was set to begin two real estate development projects in Kimberling in 2003, Cottage Row and the Fischer Creek Inn and Country Club.  In 2006, after a new mayor and city council were elected, Singnature Holding Co. alleges that they began to take steps which prevented them from continuing development plans.

Specifically, the suit claims that between 2006 and 2009 the mayor and city representatives failed to hold timely meetings, spread untrue information about the development company and two times withdrew formal contract with the company.

To discuss options concerning business litigation, contact the experienced Des Moines business transaction attorneys of LaMarca Law Group, P.C. at (877) 327-2600 today.

Cosmed Group, Inc settles dispute

Cosmed Group, Inc settled a patent dispute against Napasol AG. Cosmed Group filed a suit against Napasol for infringement of its patent rights.

Cosmed Group, a leader in steam pasteurizing was awarded a United States Patent in 2004 for their natural vacuum and steamer. In exchange for the settle, Napasol will license the Cosmed products.

An official from Cosmed has said that he the company is ready to put the dispute behind them and they are happy that they are receiving acknowledgment for their patented items.

If you have questions regarding a business issue, you need experienced representation on your side. Contact the Des Moines business lawyers of LaMarca Law Group, P.C. by calling (877) 327-2600.

How can attorneys provide due diligence in business transactions?

When businesses engage in transactions with consumers or other businesses, they often first perform due diligence. During due diligence, businesses investigate various aspects of the transaction and the transaction partner.

Because due diligence involves many legal issues, due diligence is often performed by attorneys and other outside experts. These experts have the legal and financial knowledge necessary for investigating complicated transactions.

If your business needs legal help with due diligence, contact the Des Moines business attorneys of LaMarca Law Group, P.C., at (877) 327-2600.

When can investors sue a company?

When individuals or companies invest in another business, they may expect their invested business to maximize the value of their investment. For public companies, the CEO and board of directors have a fiduciary duty to maximize shareholder value.

Private companies, however, have less of an obligation to maximize investor value. That being said, private companies may be sued for misusing investor funds. For instance, they may be sued for spending investor funds on expenses that are not related to the business.

If you or anyone you know has questions about the rights of investors, contact the Iowa business attorneys of LaMarca Law Group, P.C., at (877) 327-2600.

The risks of borrowing from family members to start a business

Many individuals who choose to start a business have trouble finding startup capital. Many significant investors will not risk investing in a startup, and most banks and other lending institutions will be unwilling to make significant loans to new businesses.

For that reason, many individuals turn to family members for loans and investment capital. In either case, individuals and their family members may want to create a formal contract. Such a formal contract will outline the terms of the agreement and account for any reasonable contingencies.

If you or anyone you know has questions about writing up a formal contract to start a business, contact the Des Moines business formation attorneys of LaMarca Law Group, P.C., at (877) 327-2600.

The risks of receiving loans and investment from family members and friends

Many people who want to start their own businesses have trouble securing capital from investors and creditors. Without any other options, they turn to family members and friends.

One advantage of loans from family members and friends is that they may have very low to no interest payments, meaning that the business owner will only owe the principal amount. However, there are many legal risks of receiving loans and investments from family members.

In some cases, the arrangements could turn sour and require a legal resolution. To avoid such a disagreement, family members should draw out formal legal contracts with the assist of an attorney. Moreover, they should also consider the tax implications of such loans and investments.

If you or anyone you know has questions about loans or investments from family members, contact the Des Moines business attorneys of LaMarca Law Group, P.C., at (877) 327-2600.

How is compensation determined in a partnership?

When a group of people chooses to form a partnership, they often need to consider a number of issues. One of the most important issues is compensation.

In some cases, the partners will each receive an equal amount of compensation. However, partners may choose to receive different compensations. One of the reasons for receiving different amounts is that each partner may bring different assets into the business.

For instance, one partner may entrust the business with a building and request greater compensation for his asset. On the other hand, one partner may bring more professional expertise to the partnership, and for that reason, request a greater compensation.

If your partnership has questions about compensation issues, contact the Des Moines business attorneys of LaMarca Law Group, P.C., at (877) 327-2600.

Cedar Rapids to receive $38 million government economic development grant

Cedar Rapids, Iowa will receive $38 million in U.S. Economic Development Administration grants. The grants are intended to assist in the economic recovery of Cedar Rapids, which suffered significant damage caused by 2008 flooding.

The majority of the grant will fund a new downtown events center, while $3 million will fund construction of a Regional Commerce Center and Small Business Incubator. The grant will likely create new job opportunities for many Iowans.

If your company has questions about the legal implications of securing government funding, contact the Iowa business attorneys of LaMarca Law Group, P.C., at (877) 327-2600.

How do businesses maintain their legal entity status?

When a new business entity is formed, the owners typically have multiple business entity options. The business can be setup as a partnership, limited liability company, corporation, or many other options.

Once the entity is setup, it generally does not have to do much to maintain its business status, except for filing tax returns that comply with rules associated with that entity type. In some cases, however, businesses may be required to keep minutes and file reports to maintain its entity status.

If your company has questions about maintaining an entity status, contact the Des Moines business attorneys of LaMarca Law Group, P.C., at 877-217-2600.

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