Justices uphold $9 million award

Unless he decides to ask the U.S. Supreme Court for relief, former Utahn John Price must now pay two former business partners nearly $9 million.

The Utah Supreme Court upheld the award earlier this month and again this week, when it refused Price's petition for a rehearing in the case.

Price, who is now serving as U.S. ambassador to Mauritius, posted an $8.2 million bond in July 2001 when it appealed a 3rd District Court jury's decision that Price cheated Armand and Virginia Smith out of close to $1 million.

The three were partners in a shopping mall project in Clovis, N.M.

Jurors awarded the Smiths $6.5 million in compensatory and punitive damages, plus interest and attorney fees. With interest accruing at $1,400 per day and attorneys' fees of $517,000, that puts the current judgment at $8.2 million.

The Supreme Court last month also awarded the Smiths attorneys fees arising from the appeal, which have not yet been determined.

"This case is over," said Robert Campbell, the Smiths' attorney. "It is a banner day for justice and for Armand and Virginia Smith after over nine years of litigation."

Price's attorney, James Jardine, said Friday he had not yet seen the high court's order and was not in a position to comment about an appeal to the U.S. Supreme Court.

"No decisions have been made," Jardine said.

The Smiths were 15 percent limited partners in the Clovis shopping mall project. Jurors found that Price conveyed the mall partnership to his own investment trust without the Smiths' consent and then sold the stock on the New York Stock Exchange for more than $100 million. He then paid the Smiths only $6,160 for their interest, which was eventually determined to be worth more than $1 million.

In its Oct. 3 opinion, the state Supreme Court noted that Price's relative wealth is valued at $37 million. The damages equal 15 percent of his assets, which the court did not find to be an unreasonable amount given Price's "deliberate misinformation and disregard" toward the Smiths.

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