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Common-Law and Equitable LLC Dissolution: Going, Going, . . . | Farrell Fritz, P.C.

Common-Law and Equitable LLC Dissolution: Going, Going, . . . | Farrell Fritz, P.C.
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Spectacular Homes: Milwaukee's Beer Mansion & California's Green Gables Are For Sale

Spectacular Homes: Milwaukee s Beer Mansion & California s Green Gables Are For Sale
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An exquisite mansion on Milwaukee s Lake Michigan built in 1917 for the son of the president of Schlitz Brewery is for sale. And one of California’s largest and most interesting estates, historic Green Gables, is for sale for the first time. Both are featured this month at TopTenRealEstateDeals.com.
Green Gables is for sale for the first time since it was built in 1911.
Where Real Estate Is Never Boring!
POMPANO BEACH, Fla. (PRWEB)
May 06, 2021
“Exquisite Milwaukee Beer Mansion For Sale”
Milwaukee is known as the Beer Capital of the World, but the quality of the beer wasn’t the only reason. Instead, its reputation was achieved through its proximity to beer-drinking Chicago, cheap lake-shipping transportation, and the aggressive business styles of its brewers. The success of the ....

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Holes in Shotgun Buy-Sell Agreement Keep Deadlock Dissolution Petition Alive | Farrell Fritz, P.C.

The Shotgun Buy-Sell Provision, Deadlock, and Trigger Pull
here the New York theatre of litigation concerning the Pennsylvania-based cosmetic manufacturer,
Process Technologies and Packaging, LLC, a Delaware LLC (“PTP”). A brief recap: PTP is owned, 51% and 49% respectively, by members Kolmar and Lard-PT. Ownership is governed by a comprehensive
Third Amended and Restated Operating Agreement (the “Operating Agreement”), which creates a board of managers with general management authority, but requires unanimous consent for certain specified major decisions (“Reserved Matters”).
The Operating Agreement contains a shotgun buy-sell agreement as a deadlock resolution mechanism: Section 10.2(a) defines the trigger as a failure of the CEOs of the two members to reach a resolution within 20 days of meeting to discuss the matters giving rise to the deadlock or breach. Section 10.2(b) gives either member the option to give notice to the other of its inten ....

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Unsigned, Non-Final Operating Agreemeent Trumps Conflicting Testamentary Bequest of LLC Interest | Farrell Fritz, P.C.

Harris is a fascinating take on two important legal issues for closely-held business owners.
The “Doctrine of Definiteness” and
“Agreements to Agree”
In the original
Harris decision, the lower court ruled that the presence of “significant handwritten modifications and marginalia” in the operating agreement, “including portions of which are illegible,” as well as a sentence in the operating agreement that it “shall be retyped and redrawn and prepared in a proper and final fashion,” raised “issues of fact as to whether a formalized agreement . . . exists and whether the operating agreement is enforceable.”
As alluded to in our prior article, there is a fulsome body of New York case law addressing the concept of so-called “preliminary agreements” and “agreements to agree.” In these cases, one side argues that the parties did not intend the agreement to be enforceable unless every term was finalized and reduced to a signed writing, ....

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