Bryan J. Mazzola, David S. Kasdan, and Matthew T. Clark of our New York office secured denial and dismissal of a petition by a cooperative shareholder

Bryan J. Mazzola, David S. Kasdan, and Matthew T. Clark of our New York office secured denial and dismissal of a petition by a cooperative shareholder to compel production of books and records pertaining to his apartment, transfer (i.e. sale) of shares for his apartment, transfer of shares for other apartments, subleasing of apartments, and market valuations of apartments.  In dismissing and denying this petition, the Supreme Court, New York County found that the shareholder was not entitled to the subject books and records because his demand exceeded scope of Business Corporation Law § 624.  The Supreme Court further found that the shareholder had failed to establish a common law right of access to the subject books and records because the shareholder failed to make requisite showings that he was acting in good faith and that his demand was for a proper purpose.