The applicant corporation, authorized to wind up its affairs, sought directions on the distribution of its assets to shareholders.
A shareholder brought a companion motion seeking a reference to a Master to identify shareholders and for an accounting, which was dismissed as the corporation had provided sufficient evidence of its process.
The court granted a sealing order over the confidential Shareholder Lists, applying the Sierra Club test.
The court approved an initial distribution of $1 million but required further court approval for subsequent distributions, and directed the corporation to continue investing funds in an interest-bearing account.
