A previous ruling in a case concerning a Spencer County attraction has been upheld.
Yesterday, the Indiana Court of Appeals affirmed a circuit court ruling made late last year involving the owners of Holiday World.
In December of last year, the Vanderburgh Circuit Court ruled that Lori Koch, widow of former Holiday World & Splashing Safari’s president and CEO Will Koch, was excused from any obligation to sell her husband’s nearly 50-thousand shares, or 60 percent, of parent company Koch Development Corp.
KDC shareholder Dan Koch appealed that decision in March, stating that the trial court erred in that decision.
The appeals court released its decision today, which affirmed the decision of the trial court.
The court stated in its decision that “… Dan Koch and KDC materially breached the terms of the agreement and that the material breach excused the estate of its obligation to perform under the agreement.