Denise P. Watkins and William D. Watkins, Trustees, Watkins Family Trust Dated 1/7/94 v. Wallace

Summary

The United States District Court for the Northern District of California granted the Watkins Family Trust’s substantively unopposed motion for partial summary judgment on its breach-of-contract claim against GRE Renewable Energy, Ltd. The court found that a valid Loan Purchase and Sale Agreement existed, the Trust performed, GRE breached the agreement, and the Trust suffered $6.608 million in damages plus prejudgment interest. The remaining issue for trial is whether Wallace and Zietsman are liable as GRE’s alter egos.

Holdings

1. Plaintiff established the existence of a valid contract, its performance, GRE's breach, and resulting damages, and Defendants failed to present evidence creating a genuine dispute of material fact. Plaintiff was therefore entitled to partial summary judgment on the breach-of-contract cause of action.
2. The undisputed evidence established Plaintiff's damages at $6.608 million, consisting of the $6.5 million purchase price and $108,000 in reimbursements.
3. Plaintiff was entitled to prejudgment interest because its damages were certain or capable of being made certain by calculation and the LPSA stipulated to a legal interest rate; interest accrued at 10 percent per annum, calculated by the Court as $1,810.41 per day, beginning January 31, 2017.

Questions Presented

1. Whether Plaintiff established each element of its breach-of-contract claim against GRE without a genuine dispute of material fact.
2. Whether Plaintiff was entitled to summary judgment for $6.608 million in damages.
3. Whether Plaintiff was entitled to prejudgment interest under California law.

Disposition

other