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  5. 96 N.Y.2d 186 (2001)
 

MATTER OF PENEPENT CORP.

96 N.Y.2d 186 (2001)

750 N.E.2d 47

726 N.Y.S.2d 345

In the Matter of the Dissolution of PENEPENT CORPORATION, INC. ESTATE OF FRANCIS PENEPENT, RESPONDENT; RICHARD S. PENEPENT, Appellant.

Court of Appeals of the State of New York.

Decided May 1, 2001.

Attorney(s) appearing for the Case

Zdarsky, Sawicki & Agostinelli, Buffalo (K. Michael Sawicki of counsel), for appellant.

Phillips, Lytle, Hitchcock, Blaine & Huber, L. L. P., Buffalo (John M. Curran and Craig A. Leslie of counsel), for respondent.

Chief Judge KAYE and Judges SMITH, LEVINE, CIPARICK and GRAFFEO concur; Judge WESLEY taking no part.

OPINION OF THE COURT

ROSENBLATT, J.

A shareholder in a close corporation petitioned for dissolution pursuant to Business Corporation Law § 1104-a. Invoking Business Corporation Law § 1118, his brother, another shareholder, elected to purchase his shares at fair value. After the election, but before a determination as to fair value, the petitioning shareholder died. A shareholder agreement provided that...

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