Richard Burnsen And Burnsen-Goldman Investor Case Study
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This memo analyzes the firm’s liability and options regarding Chris Conner’s representation of Richard Burnsen and Burnsen-Goldman Investors (B-G) in a stock purchase agreement with Jordan Virta. As my research has not indicated that the firm’s liability is separate from Conner’s, the two are treated identically.
Because Conner has (legally) become an escrow holder in a transaction in which he also represents a party, he faces competing legal obligations. By completing the purchase as his clients urge, he will violate his fiduciary duties as escrow holder and face colossal damages. The best path out of this predicament is to temporarily retain the stock certificates and threaten Virta with an interpleader suit if the parties do not settle.