HALL v. KING (1999)

Order and judgment (one paper), Supreme Court, New York County (Stephen Crane, J.), entered August 4, 1998, which, inter alia, granted, in part, defendants' motion to confirm the report of the Special Referee and valued plaintiff's 45% interest in Kings Antiques Corporation at $1,153,000, unanimously affirmed, without costs.

 The IAS court's valuation is supported by the record, and competing interpretations of fact or of the credibility of the evidence are insufficient to warrant reversal (see, Matter of Cohen v. Four Way Features, 240 A.D.2d 225, 659 N.Y.S.2d 735).   Under the facts of this case, the use of the net asset method to value the subject ongoing wholesale antique reproduction business was appropriate (see, Matter of Friedman v. Beway Realty Corp., 87 N.Y.2d 161, 165, 638 N.Y.S.2d 399, 661 N.E.2d 972), as was application of a 25% lack of marketability discount to all of the corporate assets in light of the absence of a noncompete clause between the parties (see, e.g., Matter of Cohen, supra, affg 168 Misc.2d 91, 636 N.Y.S.2d 994;  Lehman v. Piontkowski, 203 A.D.2d 257, 609 N.Y.S.2d 339, lv. dismissed 84 N.Y.2d 890, 621 N.Y.S.2d 505, 645 N.E.2d 1203).

MEMORANDUM DECISION.