ComputerLand Loses Appeal: The state Supreme Court...

ComputerLand Loses Appeal: The state Supreme Court let stand a jury verdict awarding an investor group known as Micro-Vest 20% of the stock of the franchise giant ComputerLand. The court unanimously denied a hearing on an appeal by ComputerLand and its founder, William Millard, from a lower-court ruling upholding the stock award. Herbert Hafif, lawyer for the investor group, estimated the worth of ComputerLand at $500 million. He said Micro-Vest would own 28.5% of ComputerLand, including an additional 8.5% under terms of an earlier settlement. The $250,000 loan was made to Millard more than 12 years ago. It gave the lender the right to exchange the note for 20% of the stock in Millard’s business. Micro-Vest later bought the note and sued Millard after he refused to transfer the stock in 1981.