Walid v. Yolanda for Irene Couture Inc., A-3112-10T4; Appellate Division; opinion by Kennedy, J.S.C., temporarily assigned; decided and approved for publication April 5, 2012. Before Judges Yannotti, Espinosa and Kennedy. On appeal from the Law Division, Morris County, L-3351-06. DDS No. 11-2-5802 [21 pp.]
Plaintiffs Anwar and Donna Walid learned that “Irene’s Bridal Shop,” owned by Yolanda for Irene Couture Inc. (YIC), the principal of which was Irene Paster, was for sale. Paster supplied a fact sheet that listed annual sales of $582,500 and an operating profit of $289,445. The Walids agreed to purchase the business for $700,000, subject to review by their accountant and attorney. They retained an attorney but elected not to use an accountant. Instead, prior to the closing, Anwar reviewed the bank deposit summaries, tax returns and pending purchase orders, profit and loss statements, compilation reports and bank statements that Paster supplied.
