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WISNOUSE v. TELSEY

No. 73 Civil 1256.

367 F.Supp. 855 (1973)

James WISNOUSE, Plaintiff, v. Steven TELSEY et al., Defendants.

United States District Court, S. D. New York.

November 8, 1973.

Attorney(s) appearing for the Case

Lipper, Keeley, Lowey & Dannenberg, New York City, for plaintiff; Stephen Lowey, New York City, of counsel.

Kuh, Goldman, Cooperman & Levitt, New York City, for defendant Axelrod & Co.; Robert E. Goldman, New York City, of counsel.

Rogers & Wells, New York City, for defendant Steven Telsey; Norman Ostrow, William J. O'Brien, II, New York City, of counsel.

Moss, Wells & Marcus, New York City, for defendant Ronald Rothstein; Richard H. Wels, New York City, of counsel.

Kimmelman, Sexter & Sobel, Arthur H. Sobel, New York City, for defendant Chris Christopher.

Milbank, Tweed, Hadley & McCloy, New York City, for defendant New York Stock Exchange, Inc.

Cahill, Gordon & Reindel, New York City, for defendant Seidman & Seidman.

Butowsky, Schwenke & Devine, New York City, for defendants Levine, Kaplan and Campione; Michael C. Devine, New York City, of counsel.

Irwin Axelrod, pro se.

Vincent Coleman, pro se.

Henry Warner, pro se.

OPINION

EDWARD WEINFELD, District Judge.

Plaintiff, a customer of the defendant Axelrod & Co. (Axelrod), a limited partnership, a broker-dealer and a member of the New York Stock Exchange, on May 17, 1971 entered into a subordination agreement with respect to securities then in his account with Axelrod, having a market value of $150,601. He subordinated his right thereto "to the claims of all other present and future creditors of [Axelrod] arising out...

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