Ordered that the order is reversed, on the law, with costs, the petition is denied, and the proceeding is dismissed.
The petitioners, alleging that they are the duly elected directors of Candlewood Holdings, Inc. (hereinafter Candlewood), commenced this proceeding seeking the judicial dissolution of Candlewood pursuant to Business Corporation Law § 1102. The respondent ANO, Inc. (hereinafter ANO), owns two thirds of Candlewood's outstanding stock, and the respondent...
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