A buyer of an insolvent company’s assets is not liable for a $450,000 finder’s fee the seller owed to an investment advisory firm, a split panel of the Appellate Division, First Department, ruled Tuesday.
Overruling a decision by Acting Justice Melvin Schweitzer, the four-justice majority held in TBA Global Holdings v. Fidus Partners, 650161/13, that the fee obligation “plainly falls within the scope of the express exclusions from the liabilities” assumed by the buyer.
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