Search for: "Matter of Penepent Corp."
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28 Oct 2012, 9:15 pm
, 192 AD2d 315, 595 NYS2d 465 (1st Dept 1993) (reversing order permitting revocation of election after referee’s valuation of shares) Matter of Smith, 230 AD2d 863, 646 NYS2d 711 (2d Dept 1996) (reversing order permitting revocation by two of three electing shareholders after the third shareholder filed for bankruptcy) Matter of Penepent Corp., 96 NY2d 186, 726 NYS2d 345 (2001) (affirming order denying revocation of… [read post]
28 Oct 2012, 9:15 pm
, 192 AD2d 315, 595 NYS2d 465 (1st Dept 1993) (reversing order permitting revocation of election after referee’s valuation of shares) Matter of Smith, 230 AD2d 863, 646 NYS2d 711 (2d Dept 1996) (reversing order permitting revocation by two of three electing shareholders after the third shareholder filed for bankruptcy) Matter of Penepent Corp., 96 NY2d 186, 726 NYS2d 345 (2001) (affirming order denying revocation of… [read post]
3 Nov 2008, 12:00 pm
John opposed, arguing that the buyout provision may not be invoked because the dissolution proceeding was pending at the time of Telly's death, citing the New York Court of Appeals' decision in Matter of Penepent Corp., 96 NY2d 186 (2001). [read post]
5 Nov 2018, 3:21 am
That changed in 1986 with the statute’s amendment, as the Court of Appeals explained in Matter of Penepent Corp.: As originally enacted, section 1118 permitted electing shareholders to revoke their elections at any time. [read post]
20 Apr 2009, 5:00 am
" The New York Court of Appeals (New York's highest court) in Matter of Penepent Corp., 96 NY2d 186 (2001), offered a somewhat different rationale for the prohibition: To impose upon petitioning minority shareholders a penalty because they lack control would violate two "central equitable principles of corporate governance. [read post]
9 May 2016, 3:14 am
Witness Matter of Penepent Corp., 198 AD2d 782 [4th Dept 1993], where the court affirmed an order restraining the majority shareholder from using corporate funds to pay attorney’s fees in a dissolution proceeding brought by a minority shareholder under Business Corporation Law § 1104-a, and the very recent Second Department decision in Kassab v Kassab, which I wrote about here, where the court affirmed an order holding in contempt the 75% owner of two real… [read post]
5 May 2008, 4:30 am
Here's what the court said: Nor, contrary to plaintiffs' contention, does the buyout of a deceased partner's interest implicate all of the factors that our courts have relied upon in denying discounts in the corporate minority or dissenting shareholder contexts (see Matter of Penepent Corp., 96 NY2d 186, 194 [2001]; Matter of Friedman v Beway Realty Corp., 87 NY2d 161, 167, 169-170 [1995]). [read post]
9 Jul 2018, 3:22 am
It grants non-petitioning shareholders, as well as the corporation itself, the right to avoid dissolution by timely electing to purchase the petitioning shareholder’s shares ‘at their fair value’” (Matter of Penepent Corp., 96 NY2d 186 [2001]). [read post]
3 Sep 2018, 8:01 pm
Matter of Vetco, Inc., 292 AD2d 391 [2d Dept 2002] [rejecting market approach because companies used were not in “similar financial situations”]). [read post]
