An Operating Agreement that calls for “annual updates” to its dissolution procedures is begging for trouble. This week’s post demonstrates why.
Continue Reading A Lifeline for the Stale “Schedule A”
A Lifeline for the Stale “Schedule A”
Lessons From a Trio of Dysfunctional Buy-Sell Agreements
This week’s New York Business Divorce serves up a trio of dysfunctional buy-sell agreements for valuation junkies, featuring recent decisions in cases from New York, Pennsylvania, and Alabama,
Continue Reading Lessons From a Trio of Dysfunctional Buy-Sell Agreements
Missing Certificate of Value Spawns Decade-Long Lawsuit Over Buy-Sell Agreement
Whatever doubts you may have had about the perils of using fixed-pricing in shareholder buy-sell agreements likely will be dispelled when you read this week’s New York Business Divorce highlighting a recent decision by the Appellate Division, Fourth Department, in Sullivan v. Troser Management, Inc.
Continue Reading Missing Certificate of Value Spawns Decade-Long Lawsuit Over Buy-Sell Agreement
An Ill-Fated Solution to an Ill-Fated Buy-Sell Agreement
An appellate ruling last month in DeMatteo v. DeMatteo Salvage Co. brings to a close the cautionary tale of an 8-year court battle among members of a family-owned business over the enforcement of a poorly designed buy-sell agreement. It’s in this week’s New York Business Divorce.
Continue Reading An Ill-Fated Solution to an Ill-Fated Buy-Sell Agreement
The Stakes Just Went Up for Failing to Update Certificate of Value
Many shareholder and operating agreements provide redemption rights at a price stated in an appended certificate of value which is supposed to be updated periodically but often is not. A recent decision by Justice Stephen A. Bucaria addresses potential liability when the certificate of value is not timely updated. Learn more in this week’s New York Business Divorce.
Continue Reading The Stakes Just Went Up for Failing to Update Certificate of Value