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AVALON LLC v. CORONET PROPERTIES COMPANY

306 A.D.2d 62 (2003)

762 N.Y.S.2d 48

AVALON LLC, Respondent, v. CORONET PROPERTIES COMPANY et al., Defendants, and MITCHELL H. GORDON et al., Appellants.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided June 10, 2003.

On April 14, 1994, defendant Coronet Properties Company (Coronet) entered into an agreement with the other defendants which, inter alia, assigned Coronet's right to any net proceeds from settlement of litigation with the Federal Deposit Insurance Corporation (FDIC) to professionals providing ongoing services to Coronet and to defendant Wellington. In March 1996, plaintiff became assignee on a $3 million judgment against Coronet and then took efforts to collect including the...

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