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MTR. OF PEERLESS SALES CORP.

68 A.D.2d 476 (1979)

In the Matter of the Dissolution of Peerless Sales Corp. and Other Corporations Burns Jackson Miller Summit & Jacoby, Appellant; Arthur Rice et al., Respondents

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

June 25, 1979

Attorney(s) appearing for the Case

Lord Day & Lord (Eugene F. Bannigan and Stephen J. Crimmins of counsel), for appellant.

Eaton, Van Winkle, Greenspoon & Grutman (Samuel N. Greenspoon of counsel), for respondents.

SHAPIRO and MARTUSCELLO, JJ., concur with MANGANO, J.; HOPKINS, J. P., dissents and votes to reverse the order and grant the petition, with an opinion, in which GULOTTA, J., concurs.

MANGANO, J.

Arthur and Louise Rice and Irving and Beatrice Jaffe formed six corporations known as Rice Aircraft, Rice Rivets, Genelco Industries, Peerless Sales, Dependable Fastener and Elmont Metal.

It was agreed sometime prior to November, 1972 that the stock of each of the six corporations would be equally divided between the Rices and Jaffes, each owning 50%. They also agreed that the Rices would...

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