MATTER OF NEW ENGLAND PETROLEUM CORP.


57 A.D.2d 771 (1977)

In the Matter of the Arbitration between New England Petroleum Corporation et al., Appellants, and Asiatic Petroleum Corporation, Respondent

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

May 17, 1977


The motion is granted only to the extent of vacating the outstanding stay. The facts, briefly stated, are as follows: The petitioners had entered into a contract with the respondent in 1972, which provided that the respondent would supply oil at prices determined by a formula contained in the contract. The contract also contained provisions for price renegotiation and, upon failure of the parties to agree on a renegotiated price, the contract could be terminated on 60 days...

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