Press Release – New York, NY – June 14, 2017 – Securities and corporate law firm Carmel, Milazzo & Feil, LLP (“CMF”) announced that it has successfully won an appeal before the New York State Supreme Court, Appellate Division, First Department. The Court, upholding the lower court’s decision, directed respondent to, among other things, issue and deliver to petitioner 200 million shares of respondent’s stock in satisfaction of an unpaid judgment. The decision was unanimously affirmed by the Court.
The Court’s decision affirmed that unissued shares are assets of a corporation and can be reached pursuant to CPLR 5225.
In re John C. Leo, Petitioner-Respondent, v. LD Holdings, Inc., formerly known as Leisure Direct, Inc., Respondent-Appellant, Case No. 153777/2015