A recent decision appointing a temporary receiver in a manager-managed LLC dissolution case raises issues of concern to business divorce lawyers. Learn more in this week’s New York Business Divorce.
Continue Reading Court Appoints Interim Receiver for LLC, But at What Price?
The Brothers Cortazar Wage War Once Again
By Franklin C. McRoberts on
In this week’s New York Business Divorce, read about two bitterly antagonistic brother/co-owners making their second appearance on this blog, this time in a juicy decision following a full-blown trial on the merits.
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Trouble Down on the Farm: The Importance of Using Experienced Counsel When Forming an LLC
By Peter A. Mahler on
Posted in LLCs, Operating Agreement
This week’s New York Business Divorce tells the cautionary tale of LLC planning gone amiss at the hands of inexperienced counsel, resulting in the LLC’s dissolution following the death of its sole member.
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Who Gets to Play the Bankruptcy Card Under Your LLC Agreement?
By Peter A. Mahler on
Posted in LLCs, Operating Agreement
This week’s New York Business Divorce examines a rare court case at the intersection of business divorce and bankruptcy law, in which the court had to decide whether one of several managing members of an LLC had authority on his own to file a bankruptcy petition on the LLC’s behalf.
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Can a Deadlock Resolution Provision Cause Deadlock? This One Did
By Peter A. Mahler on
Last week’s decision by Chancellor Bouchard in Acela v. DiFalco involves a flawed deadlock resolution provision in an LLC agreement that not only failed to resolve deadlock, it was exploited by one side to create deadlock. Learn more in this week’s New York Business Divorce.
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Half-Baked LLC Agreement Yields Improvised Valuation Decision
By Peter A. Mahler on
A rudimentary, “de facto” operating agreement with a cryptic withdrawal/buyout provision predictably set the stage for a unique valuation contest in the Delaware case highlighted in this week’s New York Business Divorce.
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For Want of a Penny: Business Divorce Case Almost Makes it Into Federal Court
By Peter A. Mahler on
Posted in Federal vs. State Court, LLCs
There are many hurdles to bringing a business divorce case in federal court based on diversity of citizenship. This week’s New York Business Divorce examines one case in which the would-be federal litigant almost – but not quite – made it through the door of a federal courthouse.
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Third Time’s Not a Charm in LLC Dissolution Case
By Peter A. Mahler on
The hard-fought business divorce between brothers Nissim and Avraham Kassab makes its fifth appearance in five years with this week’s post highlighting a recent decision by Justice Timothy Dufficy dismissing for the third time Nissim’s effort to dissolve an LLC that owns vacant realty in downtown Jamaica, Queens.
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No Mulligan But No Matter for LLC’s Majority Members After Voluntary Dissolution
By Peter A. Mahler on
This week’s New York Business Divorce features an interesting decision by Commercial Division Justice Lawrence Knipel addressing the standing of the individual members of a dissolved LLC to petition for the winding up of a limited partnership in which the LLC is a majority limited partner.
Continue Reading No Mulligan But No Matter for LLC’s Majority Members After Voluntary Dissolution
A Pig in a Poke: The Rollercoaster Kadosh Settlement Litigation
By Franklin C. McRoberts on
In this week’s New York Business Divorce, a wild tale of a settlement achieved, settlement spurned, and a litigant threatened with incarceration for contempt in an intensely bitter, nine-year battle between two brothers over their Manhattan-based real property LLC.
Continue Reading A Pig in a Poke: The Rollercoaster Kadosh Settlement Litigation