Opinion ID: 811017
Heading Depth: 3
Heading Rank: 2

Heading: Valuation Date for the Repurchase

Text: We also agree with the district court that the proper valuation date for assessing JNV’s Interests is August 1, 2007, when JNV’s flight privileges expired. The parties dispute whether Flight Options could terminate JNV’s flying privileges without also repurchasing JNV’s Interests under the Operative Agreements. As noted already, the Management Agreements terminate, inter alia, “on the date [Flight Options] repurchases the Interest from [JNV].”4 In our de novo review, we are convinced by JNV’s argument that these agreements, and thus JNV’s flying privileges, would not terminate until Flight Options repurchased JNV’s Interests. By terminating JNV’s flying privileges on August 1, 2007, 4 We note that the Management Agreements provide other triggering events for termination of the agreements; however, repurchase of JNV’s Interests is the only one relevant to this appeal. 10 Case: 11-10958 Document: 00512037269 Page: 11 Date Filed: 10/30/2012 No. 11-10958 Flight Options was obligated to repurchase JNV’s Interests as of that date. Moreover, Flight Options has not refuted JNV’s contention that Flight Options implicitly acknowledges August 1, 2007 as the proper valuation date when Flight Options argues that its October 12, 2007 offer price is the appropriate value of the Interests because it is closest in time to August 1, 2007. Accordingly, we affirm the district court’s summary judgment ruling that August 1, 2007 is the proper date for determining the Interest Repurchase Value.