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A. B. MACH. WORKS, INC. v. BRISSIMITZAKIS

51 A.D.2d 915 (1976)

A. B. Machine Works, Inc., et al., Appellants, v. Angelo Brissimitzakis et al., Respondents

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

March 9, 1976

The defendant owned a machine shop, which he sold to the corporate plaintiff, the defendant receiving 30% of the stock, cash and a corporate note in payment. The defendant also agreed to work for the plaintiff corporation for a period of three years and not to compete. The individual plaintiffs received 70% of the stock, which they pledged as collateral to secure the defendant's corporate note, and that pledged stock is held by the...

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