Holes in Shotgun Buy-Sell Agreement Keep Deadlock Dissolution Petition Alive | Farrell Fritz, P.C.
The Shotgun Buy-Sell Provision, Deadlock, and Trigger Pull here the New York theatre of litigation concerning the Pennsylvania-based cosmetic manufacturer, Process Technologies and Packaging, LLC, a Delaware LLC (“PTP”). A brief recap: PTP is owned, 51% and 49% respectively, by members Kolmar and Lard-PT. Ownership is governed by a comprehensive Third Amended and Restated Operating Agreement (the “Operating Agreement”), which creates a board of managers with general management authority, but requires unanimous consent for certain specified major decisions (“Reserved Matters”...
Source: jdsupra.com