Brooklyn’s newest Commercial Division Justice, Sylvia G. Ash, last month handed down an interesting decision denying a petition for judicial dissolution of an LLC brought by a 25% member alleging freeze-out. Catch up with the latest developments in this week’s New York Business Divorce.
Continue Reading Another Frozen-Out Minority LLC Member’s Petition for Dissolution Bites the . . . Sushi?
Oppression
One Parking Lot, Two Brothers, Three Decisions
The Appellate Division, Second Department, last week decided three appeals in the same business divorce case, addressing important issues concerning claims for LLC dissolution, equitable buyout, and use of company monies for legal fees defending dissolution proceedings. This week’s New York Business Divorce has the story.
Continue Reading One Parking Lot, Two Brothers, Three Decisions
Choose Carefully: Dissolution vs. Dissociation Under RULLCA
By Peter A. Mahler on
The Revised Uniform LLC Act or “RULLCA” has been adopted by a growing number of states. This week’s New York Business Divorce highlights RULLCA’s overlapping dissolution and dissociation provisions as recently construed by one appellate court.
Continue Reading Choose Carefully: Dissolution vs. Dissociation Under RULLCA
Less Drastic Measures: Maryland Case Highlights Non-Dissolution Remedies for Oppressed Minority Shareholders
By Peter A. Mahler on
Posted in Dissolution Basics, Grounds for Dissolution
A recent decision by Maryland’s highest court addresses the intersection of minority shareholder rights under the “oppression” statute and the at-will employment doctrine, including a thoughtful discussion of less drastic, alternative remedies to dissolution when oppression is established. Learn more in this week’s New York Business Divorce. …
Continue Reading Less Drastic Measures: Maryland Case Highlights Non-Dissolution Remedies for Oppressed Minority Shareholders
No Slam Dunk for This Oppressed Minority Shareholder Petition
By Peter A. Mahler on
Posted in Foreign Business Entities, LLCs
The basketball court meets the law court in this week’s New York Business Divorce, featuring an unusual lawsuit brought by a minority member of the LLC that owns the WNBA’s Tulsa Shock, seeking to stop its recently announced move to Dallas.
Continue Reading No Slam Dunk for This Oppressed Minority Shareholder Petition
Oppression Claims Don’t Cut It in LLC Dissolution Cases
By Peter A. Mahler on
Last week’s decision by a Manhattan appellate panel in Barone v. Sowers reaffirms its holding two years ago in Doyle v. Icon, LLC that a minority member of an LLC cannot solely rely on allegations of oppression by the majority member to survive a pretrial motion for dismissal of a dissolution claim. Learn more in this week’s New York Business Divorce.
Continue Reading Oppression Claims Don’t Cut It in LLC Dissolution Cases
New Jersey Adopts Revised LLC Act Authorizing Dissolution for Minority Oppression
By Peter A. Mahler on
New Jersey recently became the eighth state to adopt the Revised Uniform Limited Liability Company Act including a new provision authorizing judicial dissolution of LLCs on the ground of oppressive acts by the controllling managers or members and also providing a statutory buy-out remedy, much like the dissolution statutes governing close corporations. For more on the new statute’s background, its provisions, and the surrounding policy debate, read this week’s New York Business Divorce.
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Continue Reading New Jersey Adopts Revised LLC Act Authorizing Dissolution for Minority Oppression
Forensic Accounting Helps Wins the Day in Oppressed Shareholder Stock Valuation Proceeding
By Peter A. Mahler on
A recent decision by Queens County Commercial Division Justice Orin Kitzes in Matter of Adelstein illustrates the crucial role of forensic accounting in testing and adjusting a company’s financial statements for purposes of stock valuation in an oppressed minority shareholder case. Read more in this week’s New York Business Divorce.
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Continue Reading Forensic Accounting Helps Wins the Day in Oppressed Shareholder Stock Valuation Proceeding
Splitting the Baby: Court in Oppressed Shareholder Dissolution Case Divides the Company Assets
By Peter A. Mahler on
A post-trial decision last month by Justice Emily Pines in Matter of Wenger, a corporate dissolution case pitting father against son, addresses novel issues concerning shareholder standing and oppression remedies. It’s in this week’s New York Business Divorce.
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Continue Reading Splitting the Baby: Court in Oppressed Shareholder Dissolution Case Divides the Company Assets
Final Round of Corfian Case Features Diverse Dissolution Issues
By Peter A. Mahler on
The case of Pappas v. Corfian makes a return appearance in this week’s New York Business Divorce on the occasion of an action-packed decision last month by Brooklyn Supreme Court Justice Jack Battaglia granting a petition for dissolution based on shareholder oppression. You won’t want to miss it.
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Continue Reading Final Round of Corfian Case Features Diverse Dissolution Issues