Sometimes the tax collector can prove the bigger impediment to minority shareholder claims than the majority shareholders, as explained in this week’s New York Business Divorce featuring a recent case involving a Delaware corporation whose charter was voided for nonpayment of taxes.
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In this week’s New York Business Divorce, the curious case of Lowbet Realty makes its second appearance on the occasion of a new decision this month by Justice Carolyn Demarest addressing the fallout from an unauthorized sale of the corporation’s real property after the commencement of a dissolution proceeding, and the victimized shareholder’s effort to have the sale rescinded under Section 1114 of the Business Corporation Law. Don’t miss it!
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