Legal Opinion
In Re the Dissolution of Penepent Corp.
New York Court of Appeals
Decided May 1, 2001PublishedCited by 27 opinions
1Opinion of the Court
OPINION OF THE COURT
Rosenblatt, J.
A shareholder in a close corporation petitioned for dissolution pursuant to Business Corporation Law § 1104-a. Invoking Business Corporation Law § 1118, his brother, another shareholder, elected to purchase his shares at fair value. After the election, but before a determination as to fair value, the petitioning shareholder died. A shareholder agreement provided that, upon the death of any shareholder, the shareholder’s estate must surrender the deceased’s stock to the corporation in exchange for a specified price. That price was less than fair value. The…
2Cases cited9 opinions
- Allen v. Biltmore Tissue Corp.New York Court of Appeals · 1957
- Matter of Seagroatt Floral Co. Inc.(riccardi)New York Court of Appeals · 1991
- Gallagher v. LambertNew York Court of Appeals · 1989
- Friedman v. Beway Realty Corp.New York Court of Appeals · 1995
- In re Pace Photographers, Ltd.New York Court of Appeals · 1988
4 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Medinol Ltd. v. Boston Scientific Corp.District Court, S.D. New York · 2004
- Congel v. MalfitanoCourt for the Trial of Impeachments and Correction of Errors · 2018
- Vick v. AlbertAppellate Division of the Supreme Court of the State of New York · 2008
- Ferolito v. VultaggioAppellate Division of the Supreme Court of the State of New York · 2012
- In re Brooklyn Resources Recovery, Inc.Appellate Division of the Supreme Court of the State of New York · 2003
22 more not listed; retrieve them via the Exa API.