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Corporate — Director & Shareholder – Civil Practice – Ripeness – Domestic Relations – Equitable Distribution Action (access required)

Happy Times Discount Beverage, Inc. v. Podrebarac (Lawyers Weekly No. 002-007-15, 9 pp.) (J. Michelle Childs, J.) 0:14-cv-00129; D.S.C. Holding: Although there is ongoing equitable distribution litigation between defendant and plaintiff’s other shareholder, defendant still maintains that she is a ...

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Corporate – LLC – Judgments — Charge Order – Foreclosure – Civil Practice – Appeals (access required)

Kriti Ripley, LLC v. Emerald Investments, LLC Plaintiffs Kriti Rippley, LLC and Ashley River Properties II, LLC have a judgment against Kriti’s fellow member of Ashley – defendant Emerald Investments, LLC -- and Emerald’s owner, defendant Longman; plaintiffs have had a charging order against Emerald’s interest in Ashley for two and a half years; plaintiffs have received no payments toward the judgment; and Ashley has not and is not in a position to make distributions; therefore, foreclosure is the appropriate remedy.

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Corporate – LLC Debt – Members’ Contributions Members’ Contributions (access required)

Dumit v. Holtzman Although the parties personally guaranteed their limited liability company’s original debt, the refinancing of that debt wiped out the personal guaranties. Because the LLC’s operating agreement prohibits a right to contribution, plaintiff cannot use his relationship with defendant as a member of the LLC to seek contribution. Moreover, plaintiff has not shown the elements necessary to establish contribution independent of his role as an LLC member.

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Corporations – Minority shareholder – Freezing out – Shares in escrow (access required)

Ballard v. Roberson Investor shareholders oppress minority a shareholder pursuant to Section 33-14-300(2)(ii) of the South Carolina Code by inappropriately amending their Articles of Incorporation to freeze out the founder by removing his control and substantially diluting his ownership interest.

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