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DOPPELT v. DENAHAN

652447/13, 2279, 2278.

144 A.D.3d 573 (2016)

2016 NY Slip Op 07868

42 N.Y.S.3d 107

JEFFREY L. DOPPELT, Appellant, v. WELLINGTON J. DENAHAN et al., Respondents, and ANNALY CAPITAL MANAGEMENT, INC., Nominal Defendant-Respondent.

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

Decided November 22, 2016.

Contrary to the argument advanced by plaintiff, a shareholder who seeks to bring a derivative action on behalf of nominal defendant Annaly Capital Management, Inc., the employees of the company were not an asset that could be monetized, sold or spun off (see Barry & Sons, Inc. v Instinct Prods. LLC, 15 A.D.3d 62, 69 [1st Dept 2005]). Therefore, the fact that the employees were free to leave the company to form their own business...

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