Deep Woods Holdings, L.L.C. v. Savings Deposit Ins. Fund, No. 11-1471 (2d Cir. 2014)Annotate this Case
SDIF appealed the district court's grant of summary judgment in favor of Deep Woods against SDIF on the issue of liability. The main issue on appeal was whether Deep Woods, through its predecessor-in-interest David Lichtenstein, timely exercised a call option within 45 days of the delivery by SDIF of the shares subject to the call option in accordance with a Stipulation entered into by the parties. The court concluded that Deep Woods failed to exercise its call option in a timely manner; found that SDIF properly preserved its argument that Lichtenstein failed to exercise timely his call option under the terms of the Stipulation; and concluded that SDIF rather than Deep Woods was entitled to summary judgment where Deep Woods failed to comply with the terms governing its exercise of the call option. Accordingly, the court reversed and remanded.