PAPPAS v. TZOLIS

No. 193.

20 N.Y.3d 228 (2012)

2012 NY Slip Op 8053

STEVE PAPPAS et al., Respondents, v. STEVE TZOLIS, Appellant, et al., Defendant.

Court of Appeals of New York.

Decided November 27, 2012.


Attorney(s) appearing for the Case

Pillsbury Winthrop Shaw Pittman LLP, New York City ( E. Leo Milonas , Frederick A. Brodie and Peter Ostrovski of counsel), and Ellenoff Grossman & Schole LLP, New York City ( Eric S. Weinstein and Yong Hak Kim of counsel), for appellant.

Carl E. Person , New York City, for respondents.

Chief Judge LIPPMAN and Judges CIPARICK, GRAFFEO, READ and SMITH concur.


OPINION OF THE COURT

PIGOTT, J.

Plaintiffs Steve Pappas and Constantine Ifantopoulos along with defendant Steve Tzolis formed and managed a limited liability company (LLC), for the purpose of entering into a long-term lease on a building in Lower Manhattan. Pappas and Tzolis each contributed $50,000 and Ifantopoulos $25,000, in exchange for proportionate shares in the company. Pursuant to a January 2006 Operating...

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