Royal United Properties, Inc. v. Royal
A shareholder filed a deadlock petition under section 607.1430(1)(b), and the corporation and a co-shareholder filed elections to purchase his shares under section 607.1436. The trial court set aside the elections on the theory that the petitioner sought equitable division under section 607.1434 rather than dissolution. The Sixth DCA granted certiorari, holding that the filing of a proceeding under section 607.1430(1)(b) is the triggering event for the statutory right to elect to purchase, regardless of the remedy the petitioning shareholder says he prefers, and that the order caused irreparable harm by indefinitely extending the deadlock.
Key facts
- Shareholder filed a deadlock petition under Florida Statute section 607.1430(1)(b) against a closely held corporation and co-shareholder.
- The corporation and co-shareholder filed elections to purchase the petitioner's shares under section 607.1436 in response to the deadlock petition.
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Why it matters
This is one of the few Florida appellate decisions construing the interplay of sections 607.1430, 607.1434, and 607.1436 in closely held corporation deadlock litigation, and it holds that a petitioning shareholder… — full analysis with a trial
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