McCandlish Holton Attorney Successful in Corporate Dissolution Suit

McCandlish Holton Director Michael H. Gladstone successfully represented a Virginia business in a corporate dissolution suit involving 50/50 shareholders instituted in the Richmond Circuit Court by the client’s former business partner. Two businesses, a corporation and a LLC, were implicated by the allegations of the complaint but the suit only addressed the corporation.  Counterclaims were filed and competing  purchase elections were made by the parties under Va. Code Section 13.1-749.1, presenting a case of apparent first impression to the trial Court.  Cooperative agreements between the parties and  counsel avoided expensive formal discovery.  Factual development of the case favored the client and the matter resolved through an advantageous sale of the client’s interest in both businesses to the original plaintiff.