November 12, 2014
A Schlam Stone & Dolan victory has been lauded as one of the top ten New York business divorce cases of 2009 by www.nybusinessdivorce.com, a respected commentator on New York law regarding disputes between business owners. The victory occurred in Ficus Investments, Inc. v. Private Capital Management, Inc., a case in which Schlam Stone represents the former CEO of a limited liability company that serviced hundreds of millions of dollars of distressed residential mortgages. In a decision dated February 23, 2009, New York Supreme Court Justice Bernard J. Fried agreed with Schlam Stone that Section 702 of the New York Limited Liability Company Law does not permit a New York limited liability company to be dissolved by the filing of a motion in an ongoing action but instead requires a plenary action to be filed seeking dissolution of the LLC. This is the first ruling by a New York state court to decide this issue.
Coverage of the case can be found here:
- New York Business Divorce Blog, published on December 27, 2009