JeffDG
Touchdown! Greaser!
Based on the operating agreemenrt, the majority members will hold a vote and give you your $33.32 back.
If I redeem a $22 GE stock certificate, I get $22. I can't demand to take the nuclear reactor division instead. Owning a stock certificate or membership interest does not establish ownership or title to any of the entities assets. It gives you whatever the bylaws or operating agreement give you upon redeeming your share. Bylaws and operating agreements can be amended by majority vote.
Ever tried to borrow money against a LLC interest (without entering a mortgage or security interest against the underlying house/airplane ) ?
In such a situation, the LLC would need to pay either fair market value, or permit the new owner of the share to sell it to someone else for the same. Some right of redemption at a nominal value would be shot down rather rapidly by the courts.