The Indiana Supreme Court will let stand the ruling that the widow and children of the late William Koch Jr. can keep their shares in the southern Indiana theme park Holiday World and Splashin’ Safari. The justices declined transfer to the legal dispute which arose in the Koch family following Will Koch’s death.
The Koch Development Corp.’s 2002 share purchase and security agreement required the corporation to buy all the shares of common stock whenever a shareholder died. After Will Koch, then the majority owner, passed away in June 2010, his brother, Dan Koch, became owner and operator of Holiday World.
Dan Koch subsequently tendered an offer of $26.9 million for Will Koch’s majority shares. However, Will’s widow Lori Koch charged that Dan Koch had undervalued the shares and the actual purchase price is $32.1 million.
In October, the Indiana Court of Appeals found Dan Koch and KDC materially breached the agreement and, therefore, the estate did not have to sell Will Koch’s shares.
The justices denied 10 other cases for the week ending Feb. 14. The complete list is available on the court’s website.