Hot topics in business divorce is the topic of this week’s New York Business Divorce. Equitable buy-out in LLC dissolution cases, fiduciary waiver, and dissolution of foreign entities are just some of the current issues highlighted. …
Continue Reading Hot Topics in Business Divorce

This week’s New York Business Divorce spotlights an interesting and unusual LLC dissolution case in which Justice Thomas Whelan upheld grounds for contractual as opposed to judicial dissolution. It’s one you won’t want to miss. …
Continue Reading Court Puts LLC Out of Its Misery, Contractually

This week’s New York Business Divorce offers short summaries of three recent decisions of interest by Commercial Division Justices Melvin Schweitzer, Carolyn Demarest, and Marcy Friedman in which the courts addressed interesting issues concerning shareholder standing to seek removal of a director and dissolution of a wholly-owned subsidiary; venue in dissolution proceedings; and application of CPLR 205’s savings provision to the statute of limitations in a dissolution case.
Continue Reading Summer Shorts: Director Removal and Other Recent Decisions of Interest

In a noteworthy decision last month, Justice Orin Kitzes ruled that the executor of a deceased LLC member’s estate lacked standing to assert derivative claims against the LLC’s managers. Find out why, in this week’s New York Business Divorce. …
Continue Reading Death of an LLC Member

Can real property titled in the names of individuals be deemed partnership property? That’s the question recently answered by Justice Carolyn Demarest in Sokolowski v. Wodkiewicz, a case involving competing claims by the estate of a deceased property owner and the surviving co-owners who asserted the right to purchase the estate’s interest. This week’s New York Business Divorce has the story.
Continue Reading Court Determines Realty is Partnership Asset in Dispute Between Surviving Partner and Estate

The Appellate Division’s landmark ruling in the 1545 Ocean Avenue case sharply demarcated the different statutes and different grounds available for judicial dissolution of LLCs and closely held corporations. So why, in a recent trial court decision, did the court grant judicial dissolution of an LLC under both the LLC Law and the Business Corporation Law? This week’s New York Business Divorce explains. …
Continue Reading Did Anyone Tell the Judge the Business Corporation Law Doesn’t Apply to LLC Dissolution?

Two brothers battle it out in a series of disputes over the exercise of a realty partnership buy-out option, resulting in a trio of court decisions by Justice Stephen Bucaria in Abatemarco v Abatemarco, highlighted in this week’s New York Business Divorce.
Continue Reading Court Resolves Trio of Issues in Battling Brothers’ Buy-Out

An unusual set of facts, involving the termination of a shareholder’s employment following his criminal conviction, set the stage for last week’s appellate ruling requiring the redemption of his shares notwithstanding the company’s noncompliance with certain time limitations governing the exercise of its purchase option. Get the full story in this week’s New York Business Divorce. …
Continue Reading Stockholder Fired, Forced to Sell Shares After Felony Conviction

Justice Carolyn Demarest issued a noteworthy decision this month in Camuso v. Brooklyn Portfolio LLC, in which she resolved a three-way dispute over the transfer of a general and limited partnership interest as part of a divorce settlement. Get the full story in this week’s New York Business Divorce.
Continue Reading Divorce Settlement, Tax Returns Trump Partnership Agreement’s Transfer Restrictions