Following a failed asset purchase agreement, the plaintiff by counterclaim (TNS) sought damages for the defendant by counterclaim's (MAS) failure to return chattels and the late return of other chattels.
The court determined that damages should be based on the fair market value of the unreturned chattels as of the date they ought to have been returned, and the diminished fair market value for the late-returned chattels.
Relying on an appraisal report, the court awarded TNS $13,167 in damages, inclusive of pre-judgment interest, to be paid out of the original purchase deposit held in trust.
