Opinion ID: 884701
Heading Depth: 1
Heading Rank: 7

Heading: Did the District Court err when it calculated the set-off for the Holly settlement?

Text: ¶ 38 The Pretrial Order provides that Simmons' loss (verdict) would be offset against the funds plaintiffs have and will receive from Holly for the sale of the refinery. Simmons argues that the loss in value of Simmons' stockSimmons Refining Company and Simmons Oil Companyshould be taken into account in implementing the settlement, rather than simply the dollar-for-dollar set-off of cash ($3.5 million) against the $2.2 million verdict. Wells Fargo responds that the loss in value of any stock is alternative but not cumulative damage suffered by Simmons and that Simmons can only recover once for a loss. ¶ 39 Given the theory of loss advanced by Simmons (cash flow) and the above provision in the Pretrial Order, this Court cannot find the District Court abused its discretion by setting-off dollar-for-dollar the Holly settlement against the verdict received by Simmons.