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WALCUTT v. CLEVITE CORP.

13 N.Y.2d 48 (1963)

Lowell Walcutt et al., Respondents, v. Clevite Corporation, Appellant-Respondent, and Frederick W. Richmond, Appellant.

Court of Appeals of the State of New York.

Decided June 6, 1963.

Attorney(s) appearing for the Case

Stanley Geller for Clevite Corporation, appellant.

Melvin Nelson and Paul Schurgot for Frederick W. Richmond, appellant.

Richard A. Green for Lowell Walcutt and others, respondents.

Louis Hayner Kurrelmeyer and Michael E. Schoeman for Clevite Corporation, respondent.

Chief Judge DESMOND and Judges DYE and VAN VOORHIS concur with Judge SCILEPPI; Judge FULD concurs in a separate opinion; Judge FOSTER dissents in an opinion in which Judge BURKE concurs.

SCILEPPI, J.

The three individual plaintiffs and the deceased (hereinafter collectively referred to as plaintiffs) were, with one minor exception, sole stockholders of several corporations engaged in the manufacture and sale of phonograph needles and related items. In February, 1959 plaintiffs sold their stock-holdings in those corporations to defendant Clevite Corporation in exchange for shares of Clevite stock...

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