Matter of Seagroatt Floral Co. Inc.(riccardi)

OPINION OF THE COURT

Kaye, J.

In this appeal by two closely held corporations — Seagroatt Floral Company and Henry J. Seagroatt Company — we are called upon to answer two questions. First, was the lack of a public market for the corporations’ shares taken into account in valuing the companies for purposes of buying out petitioners’ minority stockholdings under Business Corporation Law § 1118, and second, was it error to impose joint and several liability on the two corporations. We conclude that, while lack of marketability was considered in valuing the stock, the imposition of joint and…