• Delaware Superior Court
  • D67487
  • Dec 22 2016 (Date Decided)
Plaintiff Macquaire Electronics USA and defendant Globalfoundries U.S. cross-motioned for summary judgment on plaintiff's claim for breach of contract and conversion, stemming from defendant's alleged breach of a lease agreement under which defendant agreed to lease semiconductor manufacturing equipment from plaintiff. Under the parties' master lease agreement, upon expiration of the lease term defendant could elect to return the equipment to plaintiff or exercise an option to purchase. The MLA further provided that if defendant elected to purchase, the price would be the lower of fair market value or the "purchase cap," which was set at $4.8 million. "Fair market value" would be decided by an appraiser agreed upon by the parties, or by an appraisal panel, with the two closes appraisals averaged to reach the fair market value.

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