Execulines Ltd. v. Tel-America of Salt Lake City, Inc.

SILAK, Judge.

Execulines, Ltd., a provider of long-distance telephone services, sold its assets on August 6, 1986, to Tel-America, Inc., pursuant to a purchase agreement. In June 1987, Morrison-Knudsen Company, Inc., which had supplied Execulines with telephone service, informed the parties that its supplier, Mountain Bell, had agreed to issue a credit for telephone service. Part of the credit1 pertains to telephone services purchased by Execulines from Morrison-Knudsen during the period prior to July 31, 1986, the date of Execulines’ closing financial statement for purposes of the purchase…