MATTER OF KENNELLY (THEODORO ADV. SERV.)


197 Misc. 667 (1950)

In the Matter of the Application of Mary McC. Kennelly et al., Petitioners. Theodoro Advertising Service, Inc., Respondent.

Supreme Court, Special Term, New York County.

February 28, 1950.


Attorney(s) appearing for the Case

Wm. Peyton Marin for petitioners.

David Mackay and George Soll for respondent.


HOFSTADTER, J.

The petitioners move to stay an arbitration to determine the fair value of their stock in the respondent and its sale to the respondent at such value, pursuant to an agreement giving the respondent the option to buy the stock on the cessation by the petitioners of their active association with the respondent. They urge that, since the respondent has only an option and is not bound to buy their...

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