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G.P. Publications Inc. v. Quebecor Printing3/4/1997
e or oppressive conduct. Id. at 689, 413 S.E.2d at 272. In Chesapeake Microfilm, Inc. v. Eastern Microfilm Sales and Service, 91 N.C. App. 539, 372 S.E.2d 901 (1988), defendants filed a counterclaim alleging deceptive and fraudulent trade practices in that the plaintiff competitor submitted low bids for contracts and then later overcharged its customers. The defendants alleged injury because the competitor secured contracts upon which defendants had also bid and because plaintiff lured away some of defendants' customers with its seemingly-lower prices. This Court held that the activity complained of provided no cause of action under Section 75-1.1, noting that "assuming defendants' allegations to be true, the customers of [plaintiff], if anyone, would appear to have a claim under Section 75-1.1." Id at 545, 372 S.E.2d at 904 (emphasis in original).
Similarly, in the instant case, we hold that only Signal and the officers who were threatened with civil suits by TFSI II have the right to bring an action under Section 75-1.1 for the activity of which Quebecor complains. Therefore, the trial court acted appropriately in granting directed verdict for G.P.
Quebecor next assigns as error the court's denial of its motion for judgment notwithstanding the verdict on the issue of damages. We affirm the trial court's order.
The trial court is vested with discretion to decide whether or not to set aside the jury's verdict or grant judgment notwithstanding the verdict on the issue of damages, and its decision will not be disturbed on appeal absent an abuse of that discretion. Cole v. Duke Power Co. , 81 N.C. App. 213, 225, 344 S.E.2d 130, 137, disc. review denied, 318 N.C. 281, 347 S.E.2d 462 (1986). In the case sub judice, the jury found that TFSI II had committed unfair trade practices but, since Quebecor was not damaged by this conduct, it was not entitled to recover damages. The jury impliedly determined that the $1.8 million paid by TFSI II for Signal's assets was fair by finding that the public foreclosure sale of Signal's assets conducted by TFSI II was commercially reasonable, and Signal's assets were not purchased by TFSI II for grossly inadequate consideration. The record indicates that the $1.8 million received from the sale of Signal's assets was insufficient to meet the debt owed to the secured creditor and there was no excess available for Quebecor as an unsecured creditor. This would have been the likely result upon sale of Signal's assets even under bankruptcy . In light of this fact, we cannot find that the trial court's refusal to set aside the jury's determination that Quebecor suffered no damages was an abuse of discretion. Accordingly, we affirm the trial court's denial of Quebecor's motion for judgment notwithstanding the verdict on the issue of damages.
We have examined Quebecor's remaining assignment of error and find it without merit.
Conclusion
For the reasons set forth above, we reverse the judgment of the trial court holding G.P. liable for Signal's debt to Quebecor on the grounds that G.P. is a "mere continuation" of Signal. With regard to Quebecor's counterclaims for unfair trade practices, we affirm the trial court's order granting directed verdict for G.P. and denying judgment notwithstanding the verdict for Quebecor.
Reversed in part and affirmed in part.
Judges GREENE and MARTIN, John C. concur.
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