Goettsch v. Heidman Law Firm LLP

CourtCourt of Appeals of Iowa
DecidedMay 22, 2024
Docket22-0392
StatusPublished

This text of Goettsch v. Heidman Law Firm LLP (Goettsch v. Heidman Law Firm LLP) is published on Counsel Stack Legal Research, covering Court of Appeals of Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Goettsch v. Heidman Law Firm LLP, (iowactapp 2024).

Opinion

IN THE COURT OF APPEALS OF IOWA

No. 22-0392 Filed May 22, 2024

THOMAS GOETTSCH, Plaintiff-Appellant,

vs.

HEIDMAN LAW FIRM, P.L.L.C., Successor to HEIDMAN LAW FIRM, L.L.P, JOHN C. GRAY and JACOB B. NATWICK, Defendants-Appellees.

Appeal from the Iowa District Court for Woodbury County, Sarah Crane,

Judge.

A claimant appeals the dismissal of his legal malpractice claim.

AFFIRMED.

Peter C. Riley of Tom Riley Law Firm, P.L.C., Cedar Rapids, for appellant.

Kevin J. Visser, Paul D. Gamez, and Nicholas Petersen of Simmons Perrine

Moyer Bergman PLC, Cedar Rapids, for appellees.

Heard by Ahlers, P.J., and Chicchelly and Buller, JJ. 2

BULLER, Judge.

Thomas Goettsch1 appeals adverse rulings following a jury trial in a legal

malpractice case against attorneys John Gray and Jacob Natwick and their firm—

the Heidman Law Firm (collectively “Heidman,” for whom we will use plural

pronouns). The case arose from Heidman’s representation of Goettsch relating to

the buy-out of shares in a family-farm corporation. Goettsch claims the district

court should have included a requested alternative in its marshaling instruction and

challenges some of the court’s rulings on motions in limine. We affirm, finding the

requested instruction was not supported by the evidence, the preclusive effect of

a valuation ruling was correctly decided, and the remaining motion-in-limine issue

was unpreserved.

I. Background Facts

Murlen and Florence Goettsch founded Circle G Farms, Inc., an

S corporation, and placed their farmland in the corporation. Additional property

devised by Murlen to their seven children was transferred to the corporation in

2006, bringing the total corporate landholdings to 798 acres with no liens or

mortgages. Murlen and Florence transferred all shares of the corporation—1000

shares each—to the children: Jacquelynn, Paul, Margaret, Kathy, Dale, Goettsch,

and Brian. Goettsch and Brian were also the tenants of the Circle G Farms land

through their partnership: Goettsch Farms.

In 2005, the seven children entered into a Buy-Sell Agreement restricting

the transfer of Circle G shares outside the family. A few years later, Goettsch

1 Due to the large number of family members involved in the underlying matters,

we refer to the appellant as Goettsch and all other family members by first names. 3

purchased Jacquelynn’s shares. He also offered to buy the other shareholders’

stock, but the other siblings declined.

In 2012, the six siblings who still held shares in Circle G attended an annual

meeting at which Goettsch proposed buying out or redeeming the shares

belonging to Paul, Margaret, Kathy, and Dale. Goettsch proposed that Paul,

Margaret, Kathy, and Dale each receive eighty acres per thousand shares and a

$50,000 payment and enter a five-year lease with Goettsch Farms for $20,000 per

year (later increased to $40,000 per year); in return they would surrender their

shares. The siblings verbally voted in favor of the proposal, and several days later

Goettsch, Paul, and Brian signed an agreement for sale of stock and partial

distribution of corporate assets. Paul surrendered his stock to the corporation,

Circle G transferred an eighty-acre farm to Paul, and Goettsch wrote a check for

the lump sum. Margaret, Kathy, and Dale did not sign the agreement and

proposed a buyout of their stock over time for tax reasons. Goettsch rejected their

proposal.

After this rejection, the three siblings brought an action in federal court

against Goettsch, Brian, Paul, Circle G, and Goettsch Farms seeking to dissolve

Circle G, alleging oppressive conduct under the Iowa Corporation Act and breach

of fiduciary duty claims against Goettsch for renting himself the land at less than

half the going rate. Goettsch, Brian, Paul, Circle G, and Goettsch Farms retained

Heidman to represent them.

In 2014, the parties participated in a mediation and entered into a

stipulation. In that stipulation, Goettsch, Circle G Farms, and/or Goettsch Farms

made “an irrevocable election to purchase all of plaintiffs’ shares in Circle G 4

Farms, Inc. for fair value pursuant to that election and to a buyout of all their shares

of Circle G Farms, Inc. at fair value as defined in Iowa law.” The federal suit would

then be dismissed, the plaintiffs would file a complaint in state court requesting

equitable relief by way of dissolution or mandatory buyout under Iowa Code

section 490.1430 (2013), and the parties would request a transfer to the business

court.2 The stipulation further provided the business court would set the fair value

of the shares under Iowa Code section 490.1434(4) and determine whether

Goettsch or Circle G had purchased Paul’s shares.

The matter was tried that November. In a thorough ruling, the business

court walked through the factual background—including a dramatic tax bill the

parties would have owed (but could not afford) under Goettsch’s proposal. The

business court noted the substantial taxable gain that passed through to the

remaining shareholders at the transfer of acres to Paul—a tax liability Goettsch

neglected to warn Margaret, Kathy, and Dale about before receiving their tax

information for their 2012 taxes. The business court found no enforceable contract

or agreement was created in 2012, and the circumstances of Paul’s share sale

and the language of the agreement resulted in the corporation redeeming the

shares. The business court also voided (as a breach of the duty of good faith and

loyalty) a transaction by Goettsch where he paid a “deposit” to Circle G on the land

2 The business court is a specialty docket in the district court designed to address

“business and complex commercial litigation cases.” Iowa Sup. Ct. Amended Mem. of Operation, In the Matter of the Iowa Business Specialty Court 1 (Jan. 18, 2022) https://www.iowacourts.gov/collections/713/files/1475/embedDoc ument/. Because both this case and the prior action were heard on the business court docket, for clarity we will refer to the court in the prior action as the business court and the court in this action as the district court or the court. 5

the corporation had already transferred to Paul—a transaction Goettsch claims

transferred Paul’s shares to himself.

The business court then turned to valuation of the shares, noting “The

parties agree that the appropriate valuation method to use is the corporation’s net

asset value.” The business court further observed any sale price of the corporation

as a whole would be based on the farmland’s value, and net asset value was the

appropriate basis for corporations holding real estate for investment or rental. For

the valuation date, the business court used the date before Margaret, Kathy, and

Dale filed their federal action, though it acknowledged the land’s value was outside

the corporation’s control. The business court adopted a value for Circle G of just

over $1.4 million per 1000 shares. The business court also held the terms of the

siblings’ Buy-Sell Agreement did not apply based on the language of the

agreement, the valuation process in the agreement did not apply in a dissolution

action, and it was inappropriate to apply a minority-interest discount. The business

court further noted the Buy-Sell Agreement was not applied in the acquisition of

Paul’s shares by the corporation.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Meier v. SENECAUT III
641 N.W.2d 532 (Supreme Court of Iowa, 2002)
McCracken v. Edward D. Jones & Co.
445 N.W.2d 375 (Court of Appeals of Iowa, 1989)
Faber v. Herman
731 N.W.2d 1 (Supreme Court of Iowa, 2007)
Melissa Stender v. Anthony Zane Blessum
897 N.W.2d 491 (Supreme Court of Iowa, 2017)
Quad City Bank & Trust v. Jim Kircher & Associates, P.C.
804 N.W.2d 83 (Supreme Court of Iowa, 2011)

Cite This Page — Counsel Stack

Bluebook (online)
Goettsch v. Heidman Law Firm LLP, Counsel Stack Legal Research, https://law.counselstack.com/opinion/goettsch-v-heidman-law-firm-llp-iowactapp-2024.