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ARFA v. ZAMIR

63 A.D.3d 484 (2009)

880 N.Y.S.2d 635

RACHEL L. ARFA et al., Plaintiffs/Counterclaim Defendants-Appellants-Respondents, v. GADI ZAMIR et al., Defendants/Cross Claim Defendants, 546-552 WEST 146th STREET, LLC, et al., Intervenors-Defendants/Counterclaim Plaintiffs/Cross Claim Plaintiffs-Respondents-Appellants, and 2000 DAVIDSON AVE., LLC, Intervenor-Defendant/Counterclaim Plaintiff/Cross Claim Plaintiff. (And Another Action.)

Appellate Division of the Supreme Court of New York, First Department.

Decided June 9, 2009.

Section 8.6 (c) of the relevant operating agreements provides that "[u]pon the removal of any of the initial Managers as a Manager of the Company . . . Harlem Holdings, at any time thereafter, shall have the right to put to and the Company shall have the obligation to purchase all of the Interest of Harlem Holdings, LLC," and that the purchase price "shall be (i) the fair market value of such Interest . . . plus (ii) 20% of the Upside [i.e., the proceeds of the sale]." Contrary...

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