- Michigan Court Rules Conservators Can Choose Lower Purchase Offers Based on Circumstances
In Tomcal v. Beird, a conservator accepted a $300,000 offer (plus $25,000 for personal property) over a potentially higher $305,000-$325,000 offer with contingencies for the sale of an incapacitated person’s real estate, and the Michigan Court of Appeals upheld this decision.
Why it Matters: This ruling establishes that conservators aren’t strictly required to accept the highest monetary offer when selling property, and can consider other factors like timing and certainty of sale when making decisions in the ward’s best interests.
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- FTC Overhaul of Hart-Scott-Rodino Act Pre-Merger Notification Rules
On October 10, 2024, the Federal Trade Commission (FTC) unveiled extensive modifications to the Hart-Scott-Rodino Act (HSR) pre-merger notification regulations. These changes, set to take effect in January 2025, significantly expand disclosure requirements for mergers and acquisitions.
Why it Matters: The Act applies to transactions that meet specific size thresholds, which are adjusted annually. Generally, in 2024, transactions where one party has a size of at least $239 million; the other party has a size of at least $23.9 million; and the size of the transaction is at least $119.5 million, must be reported. The Act aims to give regulators the opportunity to review potentially anticompetitive deals before they are consummated.
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- Business Education Series: Referral Generation: Avoid Peaks & Valleys in Your Sales Funnel
Every business owner prefers a referral to a cold lead. Referrals have a basis of trust and understanding that makes the sales process simpler to execute and winning easier to achieve. Referrals can’t be generated intentionally however, right? On Tuesday, December 17, Ian Richardson, BBA, CSAP, MCSA, Principal Consultant, Fox & Crow Group LLC & Managing Partner, Richardson & Richardson Consulting, LLC, will discuss how this is incorrect.
Why it Matters: Learn how to structure an intentional referral generation pipeline from existing clients while minimizing the risk of client churn. Three takeaways include preparing conversations with clients, retention efforts for clients who are not ready to refer, and review of how to prepare a referral list for clients. Full information and to register.
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- Record Third Quarter Cannabis Sales in Michigan
Michigan has broken another of their own records in the cannabis industry, August through October, adult-use and medical sales totaled $850,039,220.08, topping last quarter’s amount of $836,999,633.86, making this quarter the highest ever total so far in Michigan.
Why it Matters: While the prices of cannabis and cannabis-related products continue to decrease and make consumers happy, growers on the other hand are seeing profits decrease resulting in them seeking ways to halt new licenses to be granted in an effort to steady prices.
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- New Law for Siting Renewable Energy and Energy Storage Projects in Takes Effect November 29, 2024
In the fall of last year, HB 5120 (now Public Act 233 of 2023) was enacted. It establishes a new permitting process for large-scale wind, solar, and energy storage projects. The law grants the Michigan Public Service Commission (MPSC) the authority to site such utility-scale renewable energy facilities.
Why it Matters: The law preempts local control over certain aspects zoning and other ordinances for solar energy facilities with a capacity of 50 megawatts or more, wind energy facilities with a capacity of 100 megawatts or more, and energy storage facilities with a capacity of 50 megawatts or more. The law will take effect on November 29, 2024.
Related Practice Groups and Professionals
Trusts & Estates
Energy, Utilities & Telecommunication | Sean Gallagher
Business & Tax
Cannabis Law | Sean Gallagher