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Posts tagged "Civil contempt temporary restraining order distribute assets limited liability corporation majority owners"

Superior Court Holds Majority Owners Of LLCs In Civil Contempt For Distributing Assets

The Superior Court has held the majority owners of a limited liability corporation in civil contempt for distributing assets to themselves in violation of a temporary restraining order. The Court held the distributions were not in the ordinary course of business where the contemnors failed to follow the LLC's operating agreement in making the distributions.