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LIPPMAN v. N. Y. WATER SERV.

25 Misc.2d 267 (1960)

Jacob Lippman et al., Individually and as Stockholders of New York Water Service Corporation, Plaintiffs, v. New York Water Service Corporation et al., Defendants.

Supreme Court, Special Term, New York County.

July 21, 1960.

Attorney(s) appearing for the Case

Hoffman, Buchwald, Nadel, Cohen & Hoffman (Bernard Buchwald and David Geldzahler of counsel), for plaintiffs. Cleary, Gottlicb, Steen & Hamilton (George Weisz and Sedgwick W. Green of counsel), for Richard L. Rosenthal and others, defendants. Gallop Climenko & Gould for Utilities and Industries Management Corp. and others, defendants.

HENRY CLAY GREENBERG, J.

Plaintiffs, owners of 100 shares of the 372,256 shares outstanding of New York Water Service Corporation (hereinafter "New York Water"), have brought this derivative action to compel the distribution to stockholders of the surplus and liquid assets resulting from the taking in condemnation of several of its properties. Such relief sought in the second and third causes of action by reason...

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