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REY v. PAN AM. CASH & CARRY

152 A.D.2d 246 (1989)

In the Matter of Jose A. Rey, Appellant, v. Pan American Cash & Carry Corp., Respondent, and Ricardo Capote, Respondent

Appellate Division of the Supreme Court of the State of New York, Second Department.

December 4, 1989

Attorney(s) appearing for the Case

Alter & Alter (Stephanie S. Alter of counsel), for appellant.

Shea & Gould (John B. Grant, Jr., and George G. Nelson of counsel), and Previte, Farber & Rosen, P. C. (Joseph Farber of counsel), for respondent. (One brief filed.)

KUNZEMAN, J. P., RUBIN and ROSENBLATT, JJ., concur.

EIBER, J.

A nonpetitioning shareholder, when confronted with a petition for corporate dissolution premised upon Business Corporation Law § 1104-a, may elect to purchase the shares owned by the party seeking dissolution and thereby preserve the corporate existence (see, Business Corporation Law § 1118). The instant appeal raises questions concerning the revocability of an election to exercise...

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