An appeal concerning the interpretation of a will provision granting an employee an option to purchase the testator's auto supply company.
The application judge determined the purchase price to be $529,611 (calculated using the formula in the will with adjustments for salary normalization and deductions for improperly made support payments), and dispensed with the requirement for a collateral mortgage against the employee's residence.
The Court of Appeal upheld the application judge's decision, finding no error in treating the employee as a potential purchaser rather than a beneficiary, in dispensing with the collateral mortgage requirement, in accepting the employee's expert valuation for salary purposes, and in deducting the support payments from the purchase price.
