When a Breakup Becomes the Board's Problem

Send us Fan MailWhen one shareholder wants out and the other wants to stay, the fallout doesn't just involve the two of them, it lands squarely on the board's desk. Matthew Goldberg, partner at Hankin & Mazel, walks through a real case involving an unmarried couple who bought a co-op together, only to face a breakup that turned into a stock transfer, a lender negotiation, and a financial review most boards wouldn't see coming. He breaks down what boards are actually responsible for reviewing when ownership changes hands and what can happen when an agreement falls apart entirely. Goldberg offers real lessons for any board that assumes a breakup, divorce, or ownership change is simply a private matter. Habitat's Carol Ott conducts the interview.The business of running a building is demanding work that requires making endless decisions — some that can quickly lead your board into a quagmire of legal difficulties. Legal Talk interviews New York's leading co-op/condo attorneys to find solutions, and get some guidance, on these challenges.  For more co-op and condo insights, sign up to receive Habitat's free newsletters or become a Habitat subscriber today!