How does it feel for a seller to get ROFR'd?

[tvwalsh]

I just sold a contract at a low price, at least compared to last year's prices. I think there is a chance that the contract could be ROFR'd. I would like to hear from someone who actually had a contract ROFR'd. What happened? How long did it take to get your money? How did the procedure change? How quickly were you notified? Any other info? Thanks.

 

[ACDSNY]

I'm interested in hearing about this too; however, I haven't noticed many contracts being ROFR lately.

 

[Happy Birthday Cat]

I sold two VWL contracts that were ROFR by Disney. It was actually great. I got my money a lot sooner than I would have by waiting for a private buyer because the process moved along quicker. It was a couple of years ago so my memory is a little fuzzy but it was nice having Disney as a buyer. No worries about them backing out of the deal.

HBC

 

[Figment2]

I, too, had a contract bought back by Disney. It went very quickly just like HBC said.

In fact, I was surprised how fast I got the check.

Cyn

 

[tvwalsh]

Bump

 

[Dean]

One of my OKW contracts was ROFR as well. One thing I found interesting was that they tried to add requirements to the contract, the main one being that I didn't discuss the sales price. I balked and was willing to walk so they dropped the requirement and sent me a new contract.

 

[Brian Noble]

Is there no requirement that the terms be as written in the original offer? It would seem that changing the terms but offering the same price is not "the same".

 

[Dean]

Is there no requirement that the terms be as written in the original offer? It would seem that changing the terms but offering the same price is not "the same".

Yes there is and that was my position exactly and I did reply to them with that statement and I'm sure that's why they backed down given they had not legal leg to stand on. My though was "nice try" and given that I'd already discussed the pricing, I could not have satisfied that requirement had I wanted to. I have never heard anyone else say their contract included this requirement. I'm guessing it was something they were trying and decided to abandon given it wasn't legal.