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3 Jun 2024, 4:31 am by Franklin C. McRoberts
We encountered this problem in our article about Eikenberry v Lamson, in which Kings County Commercial Division Justice Leon Ruchelsman wrote that it is “well settled in New York that a partnership or a joint venture may not operate through a corporate form and that any fiduciary obligations that the partners owe one another cease to exist once they agree to conduct business as a corporation,” but that there is an “exception” to this rule… [read post]
13 May 2024, 4:50 am by Franklin C. McRoberts
But a recent decision by Kings County Commercial Division Justice Leon Ruchelsman, Kordonsky v Brudoley, Decision and Order [Sup Ct, Kings County Mar. 26, 2024]), highlights some of the shortcomings of the intervention procedure for unnamed owners in derivative cases. [read post]
31 Mar 2023, 5:01 am by Chile Eboe-Osuji
The report contains a set of draft articles on immunity of state officials from the criminal jurisdiction of a foreign country. [read post]
20 Nov 2022, 11:03 pm by Peter Mahler
Chernomordik v Ocean Sand Development, LLC, decided earlier this month by Brooklyn Commercial Division Justice Leon Ruchelsman, presents one of the more intriguing examples of a dissolution case highlighting the centrality of the purpose clause in a realty holding LLC’s operating agreement. [read post]
29 Aug 2022, 4:40 am by Franklin C. McRoberts
The Larsen Decision The first was Larsen v Larsen (2022 NY Slip Op 32415(U) [Sup Ct, Kings County July 18, 2022]), in which Brooklyn Commercial Division Justice Leon Ruchelsman considered and rejected a pre-answer dismissal challenge to a shareholder derivative suit based upon the suing minority shareholder’s alleged conflict of interest. [read post]
15 Aug 2022, 3:48 am by Peter Mahler
“Grammatical Irregularities” Don’t Govern Operating Agreement’s Capital Call Provision  Chen v 697 Dekalb LLC, 2022 NY Slip Op 32418(U) [Sup Ct Kings County July 18, 2022]. [read post]
5 Jul 2022, 3:28 am by Peter Mahler
Further, as noted in Royal Communications Consultants Inc. v. [read post]
12 Jun 2022, 11:00 pm by Hayleigh Bosher
Successful NFTs that were lucrative for the seller include, for example, Kings of Leon who reportedly generated $2million from NFT sales of their album, which was minted alongside other benefits including artwork, a vinyl, and for six buyers even lifetime front-row seats to Kings of Leon headline gigs.As stated, there are also many unsuccessful NFTs that never sold, including some of those mentioned above minted by Kings of Leon. [read post]
2 May 2022, 4:12 am by Andrew Lavoott Bluestone
Dial Car Inc. v Kordonsky  2022 NY Slip Op 31067(U) March 31, 2022 Supreme Court, Kings County Docket Number: Index No. 521900/2021 Judge: Leon Ruchelsman is a case which has been brought previously and is now in its second amended complaint. [read post]
11 Jan 2021, 4:46 am by Peter Mahler
Now there’s a fourth, Bak v Rostek, 2020 NY Slip Op 33142(U) [Sup Ct Kings County Sept. 25, 2020], in which a 47.5% member of a single-asset realty-holding LLC sold his membership interest to the other 52.5% member for around $900,000 based on a $1.9 million valuation assigned by the buying member. [read post]
4 Jan 2021, 4:30 am by Franklin C. McRoberts
“These elements must be established by clear and convincing evidence” (Jones v State Farm Fire & Cas. [read post]
19 Oct 2020, 4:19 am by Franklin C. McRoberts
” The Pachter Case With all of this law as a backdrop, in Pachter v Winiarsky, Decision and Order [Sup Ct, Kings County Index No. 502779/2020], the Court considered two novel questions: (i) does the doctrine of common-law dissolution apply to LLCs; and (ii) is common-law LLC dissolution potentially available to a co-equal, 50% member. [read post]