Full title: In the Matter of HAROLD TAINES, Petitioner, v. GENE BARRY ONE HOUR PHOTO…
Court: Supreme Court, Trial Term, New York County
Date published: Dec 29, 1983
Facts:
Hal Taines, along with Gene Barry and Michael Rafton, formed Gene Barry One Hour Photo Process, Inc. The corporation aimed to capitalize on a one-hour photo-finishing process by developing a chain of one-hour photo-processing retail stores in the New York metropolitan area. However, Taines and his son were ousted from their positions in the corporation.
Issue:
The main issue in this case is the determination of the fair value of Hal Taines’ shares in the corporation as of August 27, 1981, following his removal from the company.
Decision:
The court determines that the fair value of Taines’ shares in the corporation is $237,000, with interest from August 27, 1981. Additionally, the court declines to impose deferred payment terms on the corporation due to the oppressive conduct of the majority shareholders.