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MAXWELL v. NORTHWEST IND.

72 Misc.2d 814 (1972)

Manuel Maxwell, Individually and for the Benefit of All Other Common Stockholders Similarly Situated of Philadelphia and Reading Corporation, Plaintiff, v. Northwest Industries, Inc., et al., Defendants.

Supreme Court, New York County.

November 1, 1972

Attorney(s) appearing for the Case

Gainsburg, Gottleib, Levitan & Cole for plaintiff. Zimet, Haines, Moss & Goodkind for defendants.

SAMUEL J. SILVERMAN, J.

The following constitutes my decision after trial:

This is a stockholders' representative and derivative action, brought by a stockholder of Philadelphia and Reading Corp. (P&R) against Northwest Industries Inc. (NWI), the parent corporation of P&R, had certain of its directors.

For some years P&R had been a "conglomerate", i.e., primarily an investment or...

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