New York City
Washington DC Metro
Northern New Jersey
open house planner
manhattan condo market index
submit your listings
why sign up?
Become an Insider
post your listings
The board of this land-lease co-op is being sued by 14B, alleging price-fixing. She says the board's exercise of its business judgement in rejecting a $675K sale wasn't reasonable.
The court rejected the board's motion to dismiss, so the case will proceed. Decision is at http://decisions.courts.state.ny.us/fcas/fcas_docs/2011OCT/3001022822011001SCIV.pdf
Didn't ready the docket, but assume the plaintiff has a seep uphill climb ahead. Not agreeing to dismiss is a lot different than saying the case has merit.
15B is currently listed at $695,000, so it looks like the shareholder has a strong case.
We'll see how it pans out. The judge could've just said "Tough tittie. Business judgement rule rules." That she didn't means she thinks it *could* have merit, which is saying a lot.
More interesting details in a e-mail attached to http://decisions.courts.state.ny.us/fcas/fcas_docs/2011JUN/3001022822011002SCIV.pdf