Robertson v. Jacobs Cattle Company

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Robertson v. Jacobs Cattle Company

Case Number
S-15-0026
Call Date
November 6, 2015
Court Number
Valley
Case Summary

S-15-0026 James E. Robertson, Patricia Robertson, Duane L. Jacobs and Carolyn Sue Jacobs (Appellants) v. Jacobs Cattle Co., a partnership; Dennis D. Jacobs; Ardith Jacobs, Trustee of the Leonard Jacobs Family Trust and Ardith Jacobs, Trustee of the Ardith Jacobs Living Revocable Trust.

Valley County District Court, Judge Karin L. Noakes

Attorneys: Patrick J. Nelson (The Law Office of Patrick J. Nelson, L.L.C.)(Appellants) --- David Domina & Megan Mikolajczyk (Domina Law Group PC LLO) & Gregory G. Jensen

Civil: Partnership

Proceedings below: Upon remand from the Nebraska Supreme Court in Robertson II, the district court determined that the gain on a hypothetical liquidation of Jacobs Cattle Company on September 20, 2011, as opposed to the profit realized from a hypothetical sale of the partnership's assets on September 20, 2011, should be the basis of the calculation of Appellants' respective buyouts, in addition to the value of Appellants' respective capital accounts, and entered judgment accordingly. The district court also ordered that buyout payments by Jacobs Cattle Company be made to the district court clerk.

Issues on Review: The district court erred in 1) failing to obey the directive and mandate of the Nebraska Supreme Court in Robertson II, which required that buyout distributions be calculated by adding 12 ' percent of the profit received from a hypothetical sale of the partnership's assets on September 20, 2011, to the value of each disassociated partner's (i.e., Appellant's) respective capital account; 2) utilizing the gain on a hypothetical liquidation of the partnership (value of all partnership assets, less debt, less value of capital accounts of all partners, both present, as well as dissociated partners as a basis for determining the buyout amounts to be paid by the partnership to Appellants; 3) failing to utilize the capital gain profit from the hypothetical sale of the partnership's land on September 20, 2011, as a basis for determining the buyout amounts to be paid by the partnership to Appellants; 4) failing to find and determine that the profit received from the hypothetical sale of the partnership's real estate on September 20, 2011, is $5,013,700; 5) failing to find and determine that 12 ' percent of the profit received from the hypothetical sale of the partnership's real estate on September 20, 2011, is $626,713; 6) failing to specifically find and determine that the September 20, 2011, values of the Appellants' capital accounts, just prior to any allocation of the capital gain profit from the hypothetical sale of the partnership's land on September 20, 2011, are, respectively: Duane L. Jacobs: $91,972; Carolyn Sue Jacobs: $91,976; James E. Robertson: $92,452; and Patricia Robertson: $92,451; 7) failing to find and determine that the buyout amounts to be paid by the partnership to the Appellants are, respectively: Duane L. Jacobs: $718,685; Carolyn Sue Jacobs: $718,689; James E. Robertson: $719,165; and Patricia Robertson: $719,164, and entering judgment accordingly; 8) ordering that payments by the partnership to Appellants of the buyout amounts are to be made to the Clerk of the District Court of Valley County, Nebraska, with the presumed intention that interest payable to Appellants under the Nebraska Supreme Court's decision in Robertson I will not continue to accrue on the principle amounts of payments made to the court clerk; and 9) refusing to receive in evidence at the latest hearing on remand exhibits #151 through #157, inclusive, each of which was offered into evidence by Appellants, each of which constituted relevant evidence.