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No Standing to Bring Judicial Dissolution Action; Could Not Demonstrate 50% Ownership​

In upholding Supreme Court’s determination that the petitioner did not have standing to bring the judicial dissolution action because 50% ownership of the corporation stock (by the petitioner) was not demonstrated, the Third Department explained the relevant review process:

As  the  party  seeking  judicial dissolution of the corporation, petitioner bore the burden of demonstrating by a preponderance of the evidence his standing to seek such relief based on  his ownership of at least one half of the votes of all of Sunburst’s  outstanding  shares  (see  Business  Corporation  Law§ 1104 [a]…).Our review of Supreme Court’s determination, made after a hearing, “is not limited to whether [its] findings were supported by credible evidence; rather, if it appears that a finding different from that of Supreme Court is not unreasonable, we must weigh the probative force of the conflicting evidence and the relative strength of conflicting inferences that may  be drawn, and grant judgment as warranted” …. However, deference is given to the trial court’s credibility determinations, as that court “had the advantage of observing the witnesses firsthand and was in a better position to assess the evidence and weigh credibility” … .  Matter of Dissolution of Sunburst Associates, Inc v Vilardi, 515011, 3rd Dept, 5-9-13

 

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