MESHEL v. PHOENIX HOSIERY CO.


17 Misc.2d 1035 (1957)

Irving Meshel et al., Plaintiffs, v. Phoenix Hosiery Company, Defendant.

Supreme Court, Special Term, New York County.

March 27, 1957.


Attorney(s) appearing for the Case

Hoffman, Buchwald, Nadel, Cohen & Hoffman (Bernard Buchwald of counsel), for plaintiffs.

Cleary, Gottlieb, Friendly & Hamilton (Thomas J. Kiernan of counsel), for defendant.


SAMUEL C. COLEMAN, J.

Two stockholders of a Wisconsin corporation have brought this action against the corporation and a number of its directors to restrain them from continuing in effect an employee stock ownership plan under which an option to purchase stock has already been granted to the president of the corporation. The question basically is whether the plan and the grant of option under it by the board...

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