How is "30 days" defined for ROFR

[lorenni]

The broker emailed me on 3/7 to let me know out contract had been sent off for ROFR. Tomorrow is 30 days and no word yet (I checked with him on Tuesday, which I believe is they weekly notification day).

Is it 30 business days and not calendar days?

 

[drusba]

The broker emailed me on 3/7 to let me know out contract had been sent off for ROFR. Tomorrow is 30 days and no word yet (I checked with him on Tuesday, which I believe is they weekly notification day).

Is it 30 business days and not calendar days?

It is 30 calendar days after DVD receives the contract for sale. Thus, if sent March 7, receipt may not have occurred until a few days thereafter. Moreover, if the 30th day falls on a Sat, Sun, or holiday, DVD legally has until the next business day thereafter.

 

[lorenni]

Thanks - so they're still mailing paper contracts instead of emailing them? Interesting. So assuming it was "received" March 11 I should be hearing by this next Wednesday. Nothing like waiting through the entire 30 days...

 

[drusba]

Thanks - so they're still mailing paper contracts instead of emailing them? Interesting. So assuming it was "received" March 11 I should be hearing by this next Wednesday. Nothing like waiting through the entire 30 days...

It is actually not an issue of whether they email or mail. What has happened legally in these kinds of situations is that mailing is considered the official method to do these things unless the contract expressly states otherwise and thus if email is sent, it is presumed that if mailed it would have arrived three days later and it is then the time begins to run.

 

[Dean]

The broker emailed me on 3/7 to let me know out contract had been sent off for ROFR. Tomorrow is 30 days and no word yet (I checked with him on Tuesday, which I believe is they weekly notification day).

Is it 30 business days and not calendar days?

While functionally that's the way they work it, it's actually a misperception to say they have 30 days from X or Y date. What the POS says is that you must notify them in writing no less than 30 days before the closing date. There is no written limit on their ROFR option. Theoretically it could be more than 30 days and they could still take it under ROFR if the closing were later. Conversely, one could close without ROFR under the right circumstances. Obviously it's not a great idea to complicate the process by either party by pushing the envelop too much.

 

[Minniesgal]

I have heard of ROFR take longer than 30 days. Hopefully you will hear Wednesday

 

[kenspidey]

The broker emailed me on 3/7 to let me know out contract had been sent off for ROFR. Tomorrow is 30 days and no word yet (I checked with him on Tuesday, which I believe is they weekly notification day).

Is it 30 business days and not calendar days?

The good news is most of the time Disney waiting the full period means they are going to pass on it.