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FRIEDMAN v. BEWAY REALTY CORP.

87 N.Y.2d 161 (1995)

661 N.E.2d 972

638 N.Y.S.2d 399

In the Matter of Selma K. Friedman et al., Respondents, v. Beway Realty Corp. et al., Appellants.

Court of Appeals of the State of New York.

Decided December 7, 1995.

Attorney(s) appearing for the Case

Kirkpatrick & Lockhart LLP, New York City (Gerald A. Novack and Alan S. Brodherson of counsel), for appellants.

LeBoeuf, Lamb, Greene & MacRae, L.L.P., New York City (Milton S. Gould and Steven E. Levitsky of counsel), for respondents.

Judges SIMONS, TITONE, BELLACOSA, SMITH and CIPARICK concur; Chief Judge KAYE taking no part.

LEVINE, J.

Petitioners are minority stockholders in nine family owned close corporations, each of which had as its sole asset a parcel of income-producing office, commercial or residential real estate in New York City. In 1986, the board of directors and the requisite majority of stockholders of each corporation voted to transfer all of its property to a newly formed partnership. Petitioners voted their shares...

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