GATZONIS v. VALIOTIS

1386N.

67 A.D.3d 443 (2009)

886 N.Y.S.2d 884

2009 NY Slip Op 07961

EVANGELOS GATZONIS, Individually and Derivatively on Behalf of TOP COVE ASSOCIATES, INC., Appellant, v. EFSTATHIOS VALIOTIS, Respondent, et al., Defendant.

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

Decided November 5, 2009.


The court properly denied plaintiff's motion as he failed to show a likelihood of success on his claim that the loan agreement with defendant was unenforceable. The agreement provided that, in the event of a default, the parties would value plaintiff's minority stake in their closely held company pursuant to a formula. Defendant would pay plaintiff the difference between this valuation and the amount owed on the loan, and defendant would then own the shares. Contrary to plaintiff...

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