Weinstein v. KLT Telecom, Inc.

STEPHEN N. LIMBAUGH, JR., Judge.

This case arises out of a “put option” agreement between Richard D. Weinstein (Weinstein) and KLT Telecom, Inc. (KLTT), which gave Weinstein the option to sell certain shares of stock to KLTT at a stated price and obligated KLTT to buy those shares. The central question is whether there was a failure of consideration for Weinstein’s exercise of the option that relieved KLTT of its obligation to buy the shares because, at the time the option was exercised, the shares had lost all their value. The trial court granted KLTT’s motion for summary judgment and…