William J. Quirk et al., Appellants,
v.
Municipal Assistance Corporation for the City of New York et al., Respondents.
Max Gilman, Appellant,
v.
Municipal Assistance Corporation for the City of New York et al., Respondents.
Court of Appeals of the State of New York.https://leagle.com/images/logo.png
Argued March 31, 1977.
Decided April 26, 1977.
Attorney(s) appearing for the Case
Leon Edward Wein and William J. Quirk, Brooklyn, appellants pro se in the first above-entitled action.
Simon H. Rifkind, Allen L. Thomas, Max Gitter, Richard M. Zuckerman, William B. Lawless, Donald J. Robinson and Allen P. Rosiny, New York City, for Municipal Assistance Corporation for the City of New York, respondent in the first above-entitled action.
W. Bernard Richland, Corporation Counsel (James G. Greilsheimer and Stanley Buchsbaum of counsel), New York City, for the City of New York, respondents in the first and second above-entitled actions.
Louis J. Lefkowitz, Attorney-General (Shirley Adelson Siegel and Samuel A. Hirshowitz of counsel), New York City, intervenor in the first above-entitled action.
Lawson F. Bernstein and Harold B. Obstfeld, New York City, for appellant in the second above-entitled action.
Simon H. Rifkind, Max Gitter, Howard S. Veisz, Richard M. Zuckerman, William B. Lawless, Donald J. Robinson and Allen P. Rosiny, New York City, for Municipal Assistance Corporation for the City of New York, respondent in the second above-entitled action.
Louis J. Lefkowitz, Attorney-General (Shirley Adelson Siegel and Samuel A. Hirshowitz of counsel), New York City, for State Tax Commission and another, respondents.
Davis Polk & Wardwell; Shearman & Sterling; Milbank, Tweed, Hadley & McCloy; James J. Baechle and Burton M. Freeman; Sullivan & Cromwell; Cravath, Swaine & Moore; Winthrop, Stimson, Putnam & Roberts; Simpson, Thacher & Bartlett and Carter, Ledyard & Milburn, New York City, on behalf of certain holders of MAC bonds, amici curiae, in the second above-entitled action.
Chief Judge BREITEL and Judges JASEN, GABRIELLI, JONES, WACHTLER and COOKE concur in Per Curiam opinion; Judge FUCHSBERG taking no part.
Court of Appeals of the State of New York.
Per Curiam.
These cases present a very narrow issue. That issue is whether the State's "diversion" of the proceeds of the New York City sales tax and the tax on stock transfers from the general revenues of New York City to the Municipal Assistance Corporation unconstitutionally impairs the rights of city bondholders. Plaintiffs, holders of New York City long-term bonds, seek declaratory judgments that the challenged...
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