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Owners of The Georgian Building in Silver Spring, Maryland File for Chapter 11 Bankruptcy Protection
23 Jun 2011, 4:28 pm
On Wednesday, two related companies - Stellar GT TIC LLC and VFF TIC LLC - voluntarily filed for chapter 11 protection in the bankruptcy court in Greenbelt, Maryland with a pre-negotiated plan of reorganization. [read post]
27 Dec 2022, 4:24 am
Hotel, LLC, 2017 N.Y. [read post]
25 Mar 2024, 3:25 am
The relatively high standard for judicial dissolution of an LLC (here is a primer on the “unable or unwilling to promote the stated purpose” standard of 1545 Ocean Avenue), combined with the fact that many operating agreements contain a broad “purpose clause,” combined with the potential for a bad faith defense (discussed here) has produced a considerable number of cases where a minority owner’s bid to dissolve a financially viable LLC… [read post]
4 Sep 2018, 12:32 pm
Church v. 2131 8th Avenue LLC, 650558/11, had a discussion of the damages which it would allow the plaintiff to... [read post]
27 Jun 2011, 8:37 am
Bankruptcy Court District of Delaware (Delaware) Bankruptcy Petition #: 11-12010-KG Assigned to: Kevin Gross Chapter 11 Voluntary Date filed: 06/27/2011 Debtor Los Angeles Dodgers LLC Dodger Stadium 1000 Elysian Park Avenue Los Angeles, CA 90012 Tax ID / EIN:... [read post]
12 Sep 2019, 7:56 pm
Petitioner 54 Marion Avenue, LLC owned a vacant lot in the City of Saratoga Springs, in a zoning district where commercial uses were generally forbidden. [read post]
13 Mar 2023, 4:33 am
Those standards are generally friendlier to minority shareholders than the involuntary dissolution standard for LLCs, which requires showing that “it is not reasonably practicable to carry on the business in conformity with the articles of organization or operating agreement,” particularly where many operating agreements state that the LLC is formed for “any valid business purpose” (LLC Law § 702; Matter of 1545 Ocean Avenue,… [read post]
1 Oct 2012, 2:00 am
In New York, the 1545 Ocean Avenue case was the first major, appellate pronouncement that judges considering petitions to dissolve LLCs may not rely on the dissolution standards under the business corporation laws and, following the Delaware Chancery Court’s lead, that the inquiry in LLC dissolution cases is a contract-based analysis that centers on management’s ability to achieve the LLC’s stated purpose and its financial feasibility in the… [read post]
16 Sep 2019, 6:32 am
CM and Associates Construction Management, LLC, (“Vega”) the New York Appellate Division provided clarity regarding an employer’s potential liability for failing to pay manual workers timely. [read post]
8 Jun 2015, 3:26 am
In New York, Justice Austin, writing for the Appellate Division, Second Department, in the seminal 1545 Ocean Avenue decision, similarly crafted a dissolution standard keyed to the frustration of the LLC’s “stated purpose” in the context of its operating agreement. [read post]
31 Aug 2009, 6:24 pm
On Friday, Everest Holdings, LLC, EDC Denver I, LLC and 7677 East Barry Avenue Associates, L.P. filed voluntary chapter 11 bankruptcy petitions in the United States Bankruptcy Court for the District of Colorado. [read post]
9 Jun 2017, 10:00 am
In a member-managed LLC, the members of the LLC are actively involved in the running of the LLC’s business. [read post]
7 Dec 2020, 4:59 am
(See also Matter of 1545 Ocean Avenue, LLC, 72 AD3d 121 [2d Dept 2010][holding that the BCL’s dissolution sections do not apply to LLCs]). [read post]
19 Jul 2021, 4:41 am
Indeed, this court is bound by Matter of 1545 Ocean Avenue which interpreted Limited Liability Company Law 702 as foreclosing all other forms of dissolution. [read post]
10 Jun 2011, 9:06 am
City water main and road reconstruction work is underway on McKay Avenue. [read post]
11 May 2021, 4:15 am
., and Redken 5th Avenue NYC, LLC. [read post]
12 Apr 2024, 9:51 am
Jefferson Solar, LLC v. [read post]
14 Oct 2008, 7:04 am
This upcoming week, the New York Court of Appeals will address the following certified question in Briggs Avenue LLC v. [read post]
18 Jun 2012, 3:00 am
She further argued that, under the test articulated in Matter of 1545 Ocean Avenue, LLC, 72 AD3d 121 (2d Dept 2010), dissolution was warranted because of the failure of the LLC to achieve its purpose to open a tattoo business "that both owners would jointly run. [read post]
30 Oct 2017, 4:29 am
The Appellate Decision The Appellate Division’s decision recited the familiar rule, laid down in the landmark 1545 Ocean Avenue case, that to be entitled to dissolution under the LLC Law, the petitioner “must establish, in the context of the terms of the operating agreement or articles of incorporation, that (1) the management of the entity is unable or unwilling to reasonably permit or promote the stated purpose of the entity to be realized or… [read post]
