In an international commercial dispute, the U.S. District Court for the Eastern District of Pennsylvania (the district court) had to establish the effect of an Italian court judgment that confirmed an arbitral award over the defendant Pirito's appeal. Pirito v. Penn Engineering World Holdings, No. 09-2396 (E.D. Pa. May 16, 2013).
Background and Procedural History
The case arose from a stock purchase agreement (SPA) executed in 2003, whereby Penn Engineering World Holdings (Penn World) purchased from Pirito the outstanding capital stock of Maelux SA, a Luxembourg corporation that owned the capital stock of MAE S.p.A., an Italian corporation. Penn Engineering & Manufacturing Corporation provided a guarantee to Pirito on behalf of Penn World (collectively, the Penn Entities).