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PENN-OHIO STEEL v. ALLIS-CHALMERS MFG.

7 A.D.2d 441 (1959)

Penn-Ohio Steel Corporation et al., Appellants, v. Allis-Chalmers Manufacturing Company, Respondent

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

March 31, 1959.

Attorney(s) appearing for the Case

David Brady of counsel (O'Connor & Farber, attorneys), for appellants.

Harold R. Medina, Jr., of counsel (Stephen E. O'Neil with him on the brief; Cravath, Swaine & Moore, attorneys), for respondent.

BOTEIN, P. J., BREITEL, McNALLY and STEVENS, JJ., concur.

M. M. FRANK, J.

Special Term held the complaint herein to be insufficient and granted the motion to dismiss with leave to replead.

In 1948, according to the complaint, the plaintiffs and the defendant entered into an agreement which provided, in part, for the purchase by the latter of a substantial amount of the corporate plaintiff's preferred stock and a specified quantity of

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