2003 Maytag v. Goodman, PWC Accounting Arbitration, Chicago Ill
Following its $325 million purchase of the assets and assumption of certain liabilities of Goodman subsidiary, Amana, Maytag sought an approximate 13% reduction of the purchase price. Goodman disputed the calculation, GAAP methodology and amount of Maytag’s proposed adjustment. As co-lead counsel, the Firm represented Goodman in the resulting arbitration. After extensive briefing, several favorable rulings on discovery matters, oral argument and post-argument briefing, the panel of accounting arbitrators rejected Maytag’s calculation, GAAP methodology and amount of Maytag’s proposed adjustment and adjusted the purchase price by an alternative amount proposed by Goodman. The resulting adjustment of the purchase price was less than 5%.