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SOUTHERN ADVANCED MATERIALS, LLC v. ABRAMS

650773/15. 4173. 650795/15. 4172.

151 A.D.3d 451 (2017)

2017 NY Slip Op 04395

56 N.Y.S.3d 299

SOUTHERN ADVANCED MATERIALS, LLC, Appellant-Respondent, v. ROBERT S. ABRAMS, Individually and as the Trustee of ROBERT S. ABRAMS LIVING TRUST, et al., Respondents-Appellants, et al., Defendants. ROBERT S. ABRAMS LIVING TRUST, Plaintiff, and ROBERT S. ABRAMS, Respondent, v. SOUTHERN ADVANCED MATERIALS, LLC, Appellant.

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

Decided June 6, 2017.

The actions concern a dispute over the proper payout to SAM, an investor in a company called CV Holdings, LLC (CVH), as a result of a sale of CVH to a third party (the Wendel transaction).

The motion court correctly sustained the first cause of action, which alleges breach of sections 9.7 and 13.3 of the Operating Agreement. While the Abrams parties claim that the Wendel transaction was an equity sale under section 14.4 of the agreement, SAM contends that it was a...

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