Representation of shareholder owning 50% of a family-held corporation successsfully obtains relief
For years, the firm represented a man who was the 50% owner of a company in which the remaining 50% was held by his brother. The firm's client single-handedly kept the company afloat and staved off foreclosure by paying the substantial property taxes due on the company's sole asset, developable real property in the greater Boston area. Efforts to subdivide the property and separate the family members' interests were unavailing. Finally, one of the firm's litigation partners, Donna M. Brewer, and one of the firm's corporate partners, David J. Chavolla, filed a petition in the Business Litigation Session, utilizing the procedure of G.L. c. 156D, sec. 14.30, to dissolve the corporation, obtain appointment of a receiver and liquidate the company's assets. The petition was ultimately successful, the property was sold at a very favorable price just shortly before the real estate market softened, and the firm's client was able to recoup his individual payments to the company and receive a return on equity. Gary L. Kemp assisted with this complex matter.