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New York Minority Shareholder Lockout: Preliminary Injunction Obtained

Result

Preliminary Injunction obtained on behalf of 25% shareholder / member of New York closely held corporation. Injunction reinstated minority shareholders right to participate in management of company.

Summary

Dispute involving the rights of 25% shareholder of closely held corporation. Majority shareholders locked-out the minority owner and precluded him from participating in management. Majority shareholders also ignored mandated management provisions in shareholder agreement, including agreement provisions regarding management decisions and overall operations related to commercial real estate / building owned by the corporation. Mr. Internicola, Esq. commenced an action for breach of contract, breach of fiduciary duty and unjust enrichment. Mr. Internicola, Esq. filed an emergency application for a preliminary injunction and temporary restraining order. After a one day hearing, the court awarded a preliminary injunction preserving the management rights of the minority shareholder.

Awarded

Preliminary Injunction Reinstating Management Participation Rights of Minority Shareholder of New York Corporation.

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