The necessity of an evidentiary hearing is a threshold issue in corporate dissolution proceedings. A recent decision by Suffolk County Commercial Division Justice Emily Pines serves up a good illustration of how courts approach the issue. Read more in this week’s New York Business Divorce.
Continue Reading Disputed Allegations of Shareholder Oppression Require Evidentiary Hearing
Family-Owned Businesses
Court Grants Specific Performance of LLC Members’ Buy-Sell Agreement
By Peter A. Mahler on
Posted in Family-Owned Businesses, LLCs
This week’s New York Business Divorce tells a cautionary tale about the perils business owners face when they negotiate a buy-sell agreement without counsel. Read about a recent case in which a court found a binding agreement based on an exchange of letters.
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Continue Reading Court Grants Specific Performance of LLC Members’ Buy-Sell Agreement
Court Refuses to Apply Marketability and Minority Discounts in Valuing Deceased Partner’s Interest
Is there a difference in determining the “value” of a partnership interest under Partnership Law Section 73 and the “fair value” of a stock interest under the Business Corporation Law? This week’s New York Business Divorce looks at a recent New York appellate decision that answers the question in a dispute over application of discounts for lack of control and lack of marketability.
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Continue Reading Court Refuses to Apply Marketability and Minority Discounts in Valuing Deceased Partner’s Interest
Court Upholds Authority of 50% Shareholder/President to Sign Lease Without Co-Owner’s Approval
By Peter A. Mahler on
Posted in Corporate Governance, Family-Owned Businesses
A fascinating opinion by Justice Kenneth Fisher is the focus of this week’s posting about a classic corporate governance dispute between 50/50 shareholders who also happen to be brothers, when one of them signs a company lease over the other’s objection.
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Continue Reading Court Upholds Authority of 50% Shareholder/President to Sign Lease Without Co-Owner’s Approval