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MATTER OF CAPLAN v. LIONEL CORP.

20 A.D.2d 301 (1964)

In the Matter of Hyman Caplan, Respondent-Appellant, v. Lionel Corporation, Appellant-Respondent. Robert A. Wolfe et al., Intervenors-Appellants

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

February 24, 1964.

Attorney(s) appearing for the Case

Raymond S. Harris of counsel (Martin A. Coleman and Stephen E. Fischer with him on the brief; Wachtel & Michaelson, attorneys), for respondent-appellant.

Morris B. Abram of counsel (Gerald D. Stern with him on the brief; Paul, Weiss, Rifkind, Wharton & Garrison, attorneys), for appellant-respondent.

Milton S. Gould of counsel (Martin I. Shelton with him on the brief; Gallop, Climenko & Gould, attorneys), for intervenors-appellants.

BOTEIN, P. J., VALENTE and EAGER, JJ., concur.

STEUER, J.

On March 8, 1963, Defiance Industries, Inc., entered into a transaction with Roy Cohn which, though unusual in form, amounted to a deferred sale of 55,000 shares of Lionel Corporation then owned by Cohn. Half of the stock was to be delivered one year from date, the balance two years from date. Payment was made at the rate of $5 1/8 per share, but Cohn gave two promissory notes each for half of the...

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