The Best Defense is a Good Offense - Forced Corporate Buy-Outs under BCL 1118
Sometimes the best defense is a good offense. Or that's how one could view the forced buy-out option for shareholders under BCL 1118. While the Business Corporation Law gives holders of 20 percent or more of the outstanding voting shares of a close corporation the right to petition for judicial dissolution, under BCL § 1118(a), such a petition triggers the right of any other shareholder or the corporation" to "elect to purchase the shares owned by the petitioners at their fa
