Cohen v. LeNoble

Order, Supreme Court, New York County (Helen E. Freedman, J.), entered October 29, 2007, which denied plaintiffs’ motion for a preliminary injunction against defendants Paul and Gail LeNoble transferring their shares of Cole Realty Corp. to defendants Clarett Group LLC or Daniel Hollander or any other person or entity ineligible to be a shareholder of a subchapter S corporation, unanimously affirmed, with costs.

As there are no restrictions on the disposition of shares in the subject close corporation’s corporate documents, the LeNobles have the right to sell to Clarett or to whomever they…