Mountain States Broadcasting Co. v. Neale

ORME, Judge:

This appeal arises from a dispute over the purchase of two radio stations and their assets. Mountain States Broadcasting Company, the corporate purchaser, and Dan Lacy, Mountain States’ president and guarantor of the promissory note given for the purchase price, commenced this action seeking a declaration of their entitlement to certain offsets against the note balance otherwise due. Neale Broadcast Alliance (“NBA”), the corporate seller, and Sterrett Neale, NBA’s president and guarantor of the seller’s performance, were named as defendants. NBA counterclaimed for the entire note…