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MATTER OF PACE PHOTOGRAPHERS [ROSEN]

71 N.Y.2d 737 (1988)

In the Matter of Pace Photographers, Ltd., Respondent. Herman Rosen, Appellant.

Court of Appeals of the State of New York.

Decided June 2, 1988.

Attorney(s) appearing for the Case

Andrew M. Schnier for appellant.

Eli Feit and Stuart A. Blander for respondent.

Chief Judge WACHTLER and Judges SIMONS, ALEXANDER, TITONE, HANCOCK, JR., and BELLACOSA concur.

KAYE, J.

In a close corporation, the terms of a shareholders' agreement governing a voluntary sale of stock by a shareholder to the corporation do not dictate the "fair value" of a minority interest under section 1118 of the Business Corporation Law. The Appellate Division order directing a sale on the terms fixed by the shareholders' agreement at issue here, with no...

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