ContractsProf Blog

Editor: Myanna Dellinger
University of South Dakota School of Law

Wednesday, February 23, 2005

Battle over Good name

An ugly contract battle about who controls a major Chicago real estate brokerage and auction firm is over, but the hard feelings are still tearing up a family.  Steven Good emerged the victor in Cook County court over his father, Sheldon Good, in the struggle for control of Sheldon Good & Co. International.  But Dad is not happy.

Steven agreed to buy the 39-year-old firm from his father in 2001.  He subsequently moved to expand by bringing in partners to the firm his father founded, giving ownership interests to brokers who could bring in business.  Sheldon, who remained as a salaried chairman emeritus, making $158,000 a year on a promise not to compete, opposed the reorganization and sued for breach of contract.  But he lost on all grounds.  The pair have apparently still not spoken.

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