Today was a great lesson about holding "steady" during partnership and shareholder litigation. Although I cant give to much detail (privacy concerns) today we were successful on a motion we filed in a significantly contested shareholder partnership dispute involving as series of New Jersey and New York corporations. Our motion was for the court to reconsider its prior decision (the one where we lost) and‚ fortunately our motion for "reconsideration" was granted. That is the court‚ in part‚ reversed its prior ruling and awarded our client relief that we were looking for in the form of a minority shareholders access to books and records‚ the right to an accounting and continuation of the client's compensation.
So today involved a good outcome for our client and one that I am proud of. However‚ prior to today – during the past two weeks – things were uneasy. Having lost our motion our client – with his livelihood on the line (including the well being of his family) – started to have doubts in our legal approach and questions arose as to whether or not we should adopt a different course of action. Well we did not and as always (I am a little stubborn) we stayed on track‚ prepared a detailed motion for reconsideration and the court‚ thankfully‚ took up the issue.
SO WHAT IS THE LESSON?
The lesson is that when you are faced with a shareholder and partnership dispute you need to adopt a solid legal plan of action and then you need to hold steady and strong. This is easier said than done – especially in situations involving minority shareholder lock-outs where your livelihood and the support of your family is on the line – but it is absolutely necessary. You need to understand that not everything will work out the way you want it to but that if you hold steady‚ opportunities will present themselves. Once the opportunities arise you need to be ready to take advantage of them‚ rather than spiriling out of control. Also‚ another lesson is that in the Judiciary in both New York and New Jersey there are fine judges who care about reaching the "right" decision. While no one gets it right all of the time‚ you should know that the judges do care about "what is right" and if need be‚ they will even siometimes modify their prior decisions.
So‚ hold steady and strong (provided that you have adopted a good plan of action).
Category: Partnership Disputes
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