Sidler

FACTS AND PROCEDURAL HISTORY

Barry owned Sidler, doing business as Ocean Crest Insurance Agency 2 (Ocean Crest), located in Huntington Beach, California. Ocean Crest’s book of business was comprised of two components: traditional policies issued by Allstate Insurance Company (Allstate) for automobiles and other vehicles, condominiums and renters,

1 All further statutory references are to this code unless otherwise designated. 2 The facts are taken primarily from the arbitrator’s final award and the superior court’s order denying plaintiffs’ motion to vacate the arbitration award.

2 umbrella, and commercial lines; and policies issued by carriers affiliated, but not a part of, Allstate, including Tower Insurance. Raymond Tourgeman (Tourgeman) owned defendant RJT Investment Services, Inc. In about April 2010, Tourgeman contacted Barry about the possibility of selling Sidler. Thereafter, in July 2010, the parties entered into an Agreement of Purchase and Sale of Assets (Agreement) for defendant to purchase certain assets, including the Allstate Business and Tower Insurance policies from plaintiffs. Plaintiffs retained the rights to all other carriers. The purchase price was…