In the latest development of a long-running legal battle between the two co-founders of AriZona Iced Tea, a New York state appeals court yesterday ruled that Domenick Vultaggio may unilaterally elect on behalf of the operating company to buy out his estranged partner John Ferolito, who is seeking to dissolve the entity.
The unanimous panel of the Appellate Division, First Department, in Ferolito v. Vultaggio 100568/11 also affirmed the denial of motions by Ferolito to compel a cash distribution of the operating company’s profits to shareholders and to disqualify Cadwalader, Wickersham & Taft as Vultaggio’s counsel. The decision upholds most of the findings made by Manhattan Supreme Court Justice Martin Shulman.
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