Judge Charles Siragusa
Default judgment was entered against Pembrook in plaintiff bank's action seeking $244,554. The court appointed Foreman receiver to operate Pembrook's radio station assets while seeking a buyer to satisfy judgment. In connection with his proposed sale of the stations Foreman, as receiver, hired his own company Richard A. Foreman Associates Inc. (brokerage firm) to manage the stations. Under his 2012 agreement with the brokerage firm, receiver Foreman was to be paid a $50,000 commission. Despite granting Foreman other fees as receiver, the court denied him the $50,000 brokerage fee. Court-approved agreements conditioned the fee upon the closing of sale for the stations. The brokerage agreement's language did not support the Pembrook defendants' conjunction of the date when liability attached, and the date of actual payment, to conclude that liability and payment were not due until closing. However, the brokerage agreement conditioned the receiver's liability for a brokerage fee upon entry into a "definitive purchase agreement." Because no buyer entered into a definitive purchase agreement with the receiver, the receiver was not liable for a brokerage fee.
