Do unit holders in condominiums, organized as unincorporated associations, have the right to inspect books and records maintained by the condo’s board of managers? Find out in this week’s New York Business Divorce which highlights a number of recent court decisions on the subject.
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Access to Books and Records
Ruling Upholds Shareholder’s Right to Inspect Subsidiary’s Books and Records
By Peter Mahler on
Posted in Access to Books and Records
In a decision of apparent first impression in New York, an appellate panel last week upheld the common-law right of a shareholder to inspect the books and records of the corporation’s wholly-owned subsidiary. Get the full story in this week’s New York Business Divorce.…
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Summer Shorts: Partnership Interest Reduction and Other Recent Decisions of Interest
This 6th annual edition of Summer Shorts presents brief commentary on three decisions of interest in business divorce cases, including a dispute among LLP partners over the reduction of one partner’s interest; disqualification of counsel in an LLC dissolution case; and a Delaware books-and-records case involving phantom stock. …
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Operating Agreement’s Two-Step Consent Provision Foils Assignment of LLC Member Interest
By Peter Mahler on
Justice Saliann Scarpulla’s recent decision in MFB Realty LLC v Eichner highlights statutory and contractual restrictions surrounding the scope of the rights transferred when LLC interests are assigned. Learn more in this week’s New York Business Divorce.…
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LLC Case Notes: Member Expulsion, Withdrawal, and LLC Purpose
This week’s New York Business Divorce highlights a trio of recent decisions involving LLC disputes concerning the membership rights of the estate of a deceased member, the intended purpose of the LLC as the basis for a dissolution claim, and the power to expel a member. …
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How Good is Your Operating Agreement’s Anti-Assignment Clause?
By Peter Mahler on
A decision last month by Justice Robert Bruno foiled a convicted felon’s attempt to assign to his wife his 50% membership interest in two realty holding LLCs. Find out more in this week’s New York Business Divorce. …
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Conditional Inspection of LLC Books and Records: When Is It Permitted?
By Peter Mahler on
A recent decision by Justice Donna Mills highlights the consequences of not including in the operating agreement confidentiality requirements linked to member rights to inspect books and records. It’s in this week’s New York Business Divorce. …
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Death of a Shareholder
This week’s New York Business Divorce highlights a recent decision by Justice Richard Platkin in a case involving a fractured family-owned business where the deaths of two shareholders before and during litigation triggered a consequential change in control. …
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Court Chides Parties in Family Partnership Dispute for “Needless” Litigation with “Obvious Outcome”
By Peter Mahler on
“Yet another unfortunate example of a family business dispute that has developed into needless litigation” is how Justice Shirley Kornreich describes a partnership dispute pitting daughter against father and sisters. Get the story in this week’s New York Business Divorce. …
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Pizza Chef with Bigger Piece of LLC Pie Allowed to Terminate Minority Member’s Employment
Pizza’s on the menu in this week’s New York Business Divorce, or at least a dispute between co-members of an LLC that owns a popular Manhattan pizzeria. Just don’t look for any extra cheese on Justice Sherwood’s recent decision in Manzella v. Caporuscio, authorizing the majority member to terminate the minority member’s employment.…
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