A decision last month by Albany Justice Richard Platkin in Matter of Ryan (Integra Networks, Inc.) opted in favor of the petitioners’ request to voluntarily discontinue their corporate dissolution proceeding over the respondents’ request for leave to make an untimely buy-out election. Find out why in this week’s New York Business Divorce.
Continue Reading Court Chooses Voluntary Dismissal Over Buy-Out in Two-Year Dissolution Case
Platkin
De Facto Dissolution of LLC Does Not Terminate Members’ Fiduciary Duty or Avoid Accounting for Subsequent Profits
By Peter A. Mahler on
The Appellate Division, Third Department, has ruled that an LLC member’s fiduciary duties continue even after the de facto break-up of the company. Read about this important decision in this week’s New York Business Divorce.
…
Continue Reading De Facto Dissolution of LLC Does Not Terminate Members’ Fiduciary Duty or Avoid Accounting for Subsequent Profits
LLC Member’s Marital Woes Lead to Loss of Membership Interest
By Peter A. Mahler on
This week’s New York Business Divorce examines an intriguing case involving an LLC whose operating agreement required a member to transfer his interest to the other members because of his filing of a divorce action against his wife. When the divorcing member refused to do so, he bought himself a second divorce litigation, of the business kind.
…
Continue Reading LLC Member’s Marital Woes Lead to Loss of Membership Interest
Court Grants Specific Performance of LLC Members’ Buy-Sell Agreement
By Peter A. Mahler on
Posted in Family-Owned Businesses, LLCs
This week’s New York Business Divorce tells a cautionary tale about the perils business owners face when they negotiate a buy-sell agreement without counsel. Read about a recent case in which a court found a binding agreement based on an exchange of letters.
…
Continue Reading Court Grants Specific Performance of LLC Members’ Buy-Sell Agreement