It seems pretty cut and dried to me as $10M was already the agreed upon sum to be paid if Wang backed out.
Quote:
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"The failure to follow through with the sale has caused NY Ice irreparable harm" and if the deal can't go forward, the firm says in court papers, "NY ICE is entitled to the $10 million 'break up' fee to which the parties agreed" or to be reimbursed for its costs and losses.
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Probably Wang is hoping to settle for less so the parties don't need to go to court.