The heyday of common-law dissolution if it ever had one is long past, largely displaced by a statutory dissolution remedy for oppressed minority shareholders paired with an elective.
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Fine dining and business divorce crossed paths in a recently decided case featuring a lengthy battle between co-equal ownership factions of the corporation that operates
Delmonico’s, the renowned Manhattan restaurant established in the early 19th century and famous for its signature dish, the Delmonico steak, among other dining firsts.
Delmonico’s can now lay claim to another first, though not of the edible kind. Last month, a New York Supreme Court judge of the Manhattan Commercial Division entered final judgment granting “equitable dissolution” of the restaurant corporation known as Ocinomled Ltd. Delmonico spelled backwards and ordering the respondent shareholders who were found to have engaged in oppressive conduct to forfeit their stock holdings.