Carleton, LLC v. Balagur
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Plaintiff Carleton, LLC appealed a superior court order finding that the Defendants' notice of intention to adopt articles of dissolution was timely filed. In 1995, Bukk Carleton and Defendant Richard Balagur formed defendant MTS Corporation (MTS) for the purpose of purchasing land and operating as a real estate holding company. In 2004, Carelton brought an action agains MTS and Richard Balagur to dissolve MTS, obtain payment of rent due MTS, and to remove Richard Balagur as an officer and director of MTS. Richard Balagur brought an action to compel MTS to transfer certain real estate to him, and to pay him certain funds. Adrienne Balagur, Richard's mother and a shareholder in MTS, successfully moved for leave to file an election to purchase shares in lieu of dissolving MTS pursuant to state law. The parties sued over how to value the shares in MTS. Concluding that the trial court did not err in its determination of the terms and conditions of purchase of the shares, the Supreme Court appointed a commissioner to sell MTS' real estate holdings should Mrs. Balagur not comply with the Court's order. One month after the Supreme Court issued its holding, the Balagurs and MTS filed a notice of intention to adopt articles of dissolution. Carelton objected, contending that the notice was not timely filed. The trial court held that the notice was timely filed and Carelton appealed. Upon review of the trial court record and the applicable legal authority, the Supreme Court agreed with the trial court that the notice of intent to adopt articles of dissolution was timely filed.
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