Background

Haiyan Lin sought to wind up Landlord Corp due to Mingming Song’s financial misconduct. The court previously ruled that Ms. Song could buy Ms. Lin’s 50% shares at fair market value instead of dissolving the company.

Key Issues & Rulings

• Accounting for Missing Funds: Ms. Song failed to properly account for $41,006.50 in company funds, including $11,900 in a Louis Vuitton box. She must repay these amounts.
• Share Purchase Option: The court-approved valuation set Ms. Lin’s shares at $85,250, which Ms. Song must pay within 45 days.
• Valuation Expenses: Ms. Song, who requested the appraisal, must cover the $21,315.25 cost.
• Punitive Damages: Denied, but the court criticized Ms. Song’s evasive and obstructionist behavior.
• Legal Costs: Due to Ms. Song’s misconduct, failure to settle, and procedural delays, the court awarded Ms. Lin $80,721 in solicitor-client costs.

Final Orders

Ms. Song must repay missing funds, pay share value, cover appraisal costs, and legal fees. If she fails, Landlord Corp will be wound up and assets liquidated.