The sale of a family-owned business triggers a dissolution petition over the contested disposition of the sale proceeds, leading to a noteworthy decision earlier this month by Justice Richard M. Platkin. Get the story in this week’s New York Business Divorce.
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Justice Alan Scheinkman’s highly detailed, 33-page decision last week in Verghetta v Lawlor, valuing a minority interest in two LLCs that own and operate Planet Fitness health clubs, is must reading for lawyers and business appraisers who handle fair value contests. Learn more in this week’s New York Business Divorce.
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The fascinating case of Mintz v Pazer, which was reported over a year ago featuring discussion of a “Quick Draw” buy-sell agreement, makes its second appearance in this week’s New York Business Divorce, this time highlighting a pair of recent decisions by Justice David Schmidt resolving disputes over the timing of appraisals and valuation date.
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Renowned business appraiser Chris Mercer has written a book called Unlocking Private Company Wealth that’s must reading for business owners and their advisors who should be concerned about wealth management and ownership transition for the closely held and family business. Read more in this week’s New York Business Divorce.
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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.
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Buy-sell agreements in shareholder agreements are supposed to avoid — not foment — litigation over the value of the interest being redeemed or sold. Matter of Grande’ Vie, LLC, decided last month by the Appellate Division, Fourth Department, tells a cautionary tale of a buy-sell provision gone wrong. Learn more about this important topic in this week’s New York Business Divorce.

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