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COHEN PDC, LLC v. CHESLOCK-BAKKER OPPORTUNITY FUND, LP

Nos. 7368, 601024/03, 114718/03.

94 A.D.3d 539 (2012)

942 N.Y.S.2d 81

2012 NY Slip Op 2779

COHEN PDC, LLC, a Delaware Limited Liability Company, et al., Respondents, et al., Nominal Plaintiffs, v. CHESLOCK-BAKKER OPPORTUNITY FUND, LP, a Delaware Limited Partnership, et al., Appellants. CBO-PDC 1, LLC, a Delaware Limited Liability Company, et al., Appellants, v. COHEN PDC, LLC, a Delaware Limited Liability Company, et al., Respondents. (And Another Action.)

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

Decided April 12, 2012.

The CBOs' claim that Cohen PDC violated the 2002 Operating Agreement by failing to (i) "deposit actual `funds' as its shortfall deposit," (ii) "ensure that BDO calculated the buy/sell amount properly," (iii) "submit a Business Plan, Capital Budget, or Operating Budget for ... 2003," (iv) "obtain Executive Committee approval before making `major decisions,'" or (v) "obtain Executive Committee approval to request shortfall contributions from [the CBOs]" is belied by the factual...

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