Court Opinion

ID: 9782322
Source: CourtListenerOpinion
Date Created: 2023-08-30 18:20:34.093818+00
Date Added: 2024-06-11T07:34:55.800837
License: Public Domain

KITE, Justice,
specially concurring.
[¶ 12] I concur with the result reached by the majority in this matter solely because it is mandated by Lieberman v. Wyoming.com LLC, 2004 WY 1, 82 P.3d 274 (Wyo.2004). I joined Justice Lehman’s dissenting opinion in that case because I found it more appropriate to allow a minority interest owner in an LLC a mechanism to realize the value of his equity interest. Given the majority’s ruling that Mr. Lieberman owns an equity interest, but neither the operating agreement nor the statute provide a method for him to realize the value of that interest, there is nothing left for the district court to order Wyoming.com LLC to do. Consequently, the order at issue in this case exceeded this Court’s mandate. However, I suspect this is not the end of the story. We have not had the occasion to address Mr. Lieberman’s rights as a minority owner in the LLC nor the obligations of the LLC to him as a minority interest owner. Those rights and responsibilities in the context of other forms of business organizations are well developed and may provide guidance in the realm of the LLC. See Harvey Gelb, Fiduciary Duties and Dissolution in the Closely Held Business, 3 Wyo. L.Rev. 547 (2003); Sandra K. Miller, What Standards of Conduct Should Apply to Members and Managers of Limited Liability Companies? 68 St. John’s L.Rev. 21 (1994); and Franklin A. Gevurtz, Squeeze-outs and Freeze-outs in Limited Liability Companies, 73 Wash. U.L.Q. 497 (1995).