A shareholder in three closely held corporations has convinced a New York state judge overseeing dissolution of the companies to reverse a special referee's valuation of the corporate shares. Supreme Court Justice Dianne T. Renwick held that the allegations of misappropriation of corporate funds which were pleaded by a shareholder against the companies' director were relevant to the valuation of the petitioner's shares. The shareholder alleged the director siphoned corporate funds for personal use.
January 10, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A shareholder in several closely held corporations has convinced a state judge overseeing the dissolution of the companies to reverse a special referee’s valuation of the corporate shares.
New York state Supreme Court Justice Dianne T. Renwick, in Matter of Markman v. Exterior Delite, 8347/2005, held that the allegations of misappropriation of corporate funds which were pleaded by petitioner Wendie Markman (spelled as “Wendy” in the caption) were relevant to the valuation of her shares.
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