In the absence of statutory authorization, a few courts have ordered equitable buy-outs in LLC dissolution cases. This week’s New York Business Divorce examines an important question in such cases: What valuation date should be used?
Continue Reading Court-Ordered LLC Buy-Outs: What’s the Valuation Date?
In 1986, the legislature amended the statutory buy-out provision in judicial dissolution proceedings to make it harder to revoke an election to purchase. This week’s New York Business Divorce highlights a recent decision by Justice Stephen Bucaria in Matter of Gold, where the court was asked to revoke an election to purchase after the petitioner’s stock interest was valued.
Continue Reading Revoking the Buy-Out Election: It Ain’t Easy
This week’s New York Business Divorce looks at two recent decisions by Justices Stephen Bucaria and Emily Pines granting “outside the box” remedies in LLC dissolution cases, one involving buyout and the other involving appointment of a temporary receiver to act as monitor of financial records.
Continue Reading Judges Thinking Outside the LLC Dissolution Box
When the company or majority shareholder elects to purchase a dissolution petitioner’s shares for fair value, how can the selling shareholder be sure the purchaser will be able to pay the eventual award? The statute offers relief in the form of a bonding requirement, as illustrated in a recent case decided by Nassau County Commercial Division Justice Stephen A. Bucaria. Get the story in this week’s New York Business Divorce.
Continue Reading Bonding a Fair Value Award: When Can the Court Require It?