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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