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PALMAR MILLINERY CO., INC. v. SPAR

No. 13, Docket 72-1547.

487 F.2d 503 (1973)

In the Matter of PALMAR MILLINERY CO., INC., Debtor-Appellant, v. Morton SPAR, Claimant-Appellee.

United States Court of Appeals, Second Circuit.

Decided November 19, 1973.

Attorney(s) appearing for the Case

Abel Jack Schwartz, New York City (Arutt, Nachamie, Benjamin & Rubin, New York City, on the brief), for debtor-appellant.

Joel K. Bohmart, New York City (Upham, Meeker & Weithorn, New York City, on the brief), for claimant-appellee.

Before FEINBERG and TIMBERS, Circuit Judges.

PER CURIAM:

In October 1969, Morton Spar and Paul Schoenfeld each owned 50 percent of the stock of Palmar Millinery Co., Inc., and a related corporation and were also two of the principal shareholders of a company in the neckwear business. As part of a business deal under which Schoenfeld and Spar went their separate ways, Spar and Palmar entered into an agreement under which Palmar bought Spar's shares in Palmar for $75,500, $52,500 payable at the closing and the...

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