In a September 15, 2010, decision by Justice Driscoll in connection with a special proceeding for corporate dissolution under section 1104-a of the Business Corporation Law and related buyout election under BCL section 1118, and on respondents’ motion to vacate and set aside a notice of deposition served by petitioner, the court granted respondents’ motion concluding that petitioner did not demonstrate the requisite “ample need” for the proposed deposition because 1) discovery generally is disfavored in special proceedings; 2) the parties had already exchanged valuation reports; and 3) the parties ultimately would have the opportunity to present and cross-examine witnesses regarding fair value of petitioner’s interests in the corporations at trial.
* For a more in-depth analysis of this decision and its impact, see our colleague Peter A. Mahler’s recent post at New York Business Divorce.