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MATTER OF SHORE (PARKLANE HOSIERY)

67 A.D.2d 526 (1979)

In the Matter of Leo M. Shore, Individually and as Shareholder in Parklane Hosiery Company, Inc., et al., Respondents-Appellants; Parklane Hosiery Company, Inc., Appellant-Respondent

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

April 30, 1979

Attorney(s) appearing for the Case

Goldman Cooperman & Levitt (Robert E. Goldman of counsel), for appellant-respondent.

Frederick J. Cuccia and Wisehart, Friou & Koch (Arthur M. Wisehart of counsel), for respondents-appellants.

TITONE, J. P., LAZER and MARTUSCELLO, JJ., concur.

MARGETT, J.

Parklane Hosiery Company, Inc. "went public" in 1968 by selling some 300,000 shares, out of a total capitalization of roughly one million shares, to the public at $9 per share. Effective control of the company was retained by the company's president, Herbert N. Somekh, and his affiliates through their ownership of more than 70% of the public corporation's stock. Six years later, in 1974, the "Somekh...

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