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SPARKS v. METROVEST EQUITIES

Index No. 653200/2018. Appeal No. 11893. Case No. 2019-04888.

186 A.D.3d 1177 (2020)

132 N.Y.S.3d 8

2020 NY Slip Op 05166

Alan Sparks et al., Appellants, v. Metrovest Equities et al., Respondents, et al., Defendants.

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

Decided September 29, 2020.

In 2013, defendant 290 Old Montauk Associates, LLC (290 OMA) and its owners agreed to invest in Gurney's Inn Resort and Spa, Ltd. Each Gurney's Class A shareholder held a proprietary lease for use of a unit for a certain period each year. 290 OMA agreed to buy out the then-majority owner, Gurney's Inn Corp. Liquidating Trust (GLT), on condition that timeshare owners phase out their ownership by the end of 2017, a process referred to as "de-cooping." The deal's terms were...

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