Illinois Appellate Court Finds Cause Required For Expulsion From LLC
Plaintiff Michelle McManus began working at Anne Richards’s orthodontics practice, Quad City Orthodontic Group, LLC, as an associate in 2010. On January 1, 2012, McManus and Richards entered into an operating agreement relating to the practice. The operating agreement provided that Richards, the sole owner of the practice, would sell a 50% membership interest to McManus over a five-year period. ……
Michael A. Weinberg to present at PLI's 20th Annual Commercial Real Estate Institute
Michael will present at PLI's 20th Annual Commercial Real Estate Institute onThursday, October 25, 2018…
Novack and Macey Attorneys Obtained a Right of First Refusal for Their Client to Purchase Commercial Property in the West Loop
Novack and Macey Attorneys Obtained a Right of First Refusal for Their Client to Purchase Commercial Property in the West Loop…
Delaware Court of Chancery Rejects Books and Records Request Crafted by Counsel Rather than Shareholder
Section 220 of the Delaware General Corporation Law authorizes a stockholder to demand to inspect a corporation’s books and records for any proper purpose. 8 Del. Code § 220. The statute defines a “proper purpose” as “a purpose reasonably related to such person’s interest as a stockholder.” Id. In Wilkinson v. A. Schulman, Inc., No. 2017-0138-VCL, 2017 WL 5289553 (Nov. 13, 2017), the Delaware Ch……
Illinois First District Reverses Merger-Halting TRO, Citing Business Corporation Act’s Dissenters’ Rights
In Loftus v. Zorch International, Inc., 2018 IL App. (1st) 180169-U, the Illinois First District Appellate Court reversed the circuit court’s temporary restraining order (TRO) preventing a corporate merger from proceeding. The appellate court held that the circuit court abused its discretion because the plaintiff failed to meet the elements for a TRO, including the lack of an adequate remedy at ……
New York Supreme Court Illustrates What Not To Do When You Want A Business Divorce
Stavroulakis v. Pelakanos, 58 Misc. 3d 1221(A) (N.Y. Sup. Ct. 2018), begins with a scenario familiar to anyone who frequently deals with business divorces. As an entity matures and succeeds, active investors in the business devote more and more time to it, while passive investors, whose capital may have been critical in the early going, continue to be passive but reap the rewards of the now-succ……
Closely Held Company Disputes
Case Studies in Closely Held Company Disputes…
Novack and Macey Ranked by U.S. News - Best Lawyers "Best Law Firm" for 2019
Novack and Macey Ranked by U.S. News - Best Lawyers "Best Law Firm" for 2019…
Novack and Macey Secures Dismissal of All Claims for Amounts Due Under Reciprocal Easement Agreement (REA) Concerning Landmarked Mixed-Use High Rise
Novack and Macey secured dismissal of all claims against its client to recover the costs for several years of utilities provided to the client’s property by an adjacent land owner under a “reciprocal easement agreement” or “REA.” The property in question is a landmarked mixed-use high rise in downtown Chicago. The successful defenses were that: (1) the plaintiff had sold its interest in the a……
Illinois Federal Court Denies Preliminary Injunction in Trade Secrets Dispute
Illinois Federal Court Denies Preliminary Injunction in Trade Secrets Dispute…