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'Thunder on the Niagara' returns to North Tonawanda's Gratwick Park

The Niagara Frontier Boat Racing Association and Hydroplane Racing League of Canada are pleased to announce this year s ....

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And Another Lender Blocking Provision Bites the Dust, Texas Bankruptcy Court Rules | Kramer Levin Naftalis & Frankel LLP

One feature commonly seen in commercial lending transactions is a waiver of the borrower’s authority to file for bankruptcy without the consent of the lender. While such “blocking”. ....

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Second Department Limits Plaintiff to Appraisal Remedy Under New York LLC Law After a Freeze-out Merger | Patterson Belknap Webb & Tyler LLP

In
Farro v. Schochet, the Second Department recently held that §1002 of the NY LLC Law restricted a dissenting member’s remedy to an appraisal for the fair value of his interest in the business after a freeze-out merger.[1] Thus, the Court reduced the legal remedies for a minority LLC member that lacked protections in the operating agreement against the merger.
Background on Freeze-out Mergers and Appraisal Remedy
A freeze-out merger typically involves controlling member(s) forcing minority member(s) out of a business by (1) creating a new business where the minority member(s) do not have a stake and then (2) using their controlling stake in the original business to merge it into the new business to freeze-out the minority member(s). ....

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