The parties, equal shareholders in a real estate business, underwent a court-ordered sales process overseen by a Sales Officer.
The moving party brought a motion for the distribution of $10 million from the net proceeds of the sale.
The responding party opposed, arguing the funds should be frozen until trial to secure his claims.
The court held that the prior Appointment Order did not function as a Mareva injunction and there was no basis to freeze the funds.
However, due to a lack of evidence regarding potential corporate tax liabilities, the court approved a reduced distribution of $8 million, split equally between the parties.
