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CROSS PROPS. v. BROOK REALTY

76 A.D.2d 445 (1980)

Cross Properties, Inc., et al., Respondents-Appellants, v. Brook Realty Co., Inc., Appellant-Respondent, et al., Defendants; County Dollar Corporation et al., Defendants-Respondents-Appellants. Federal Insurance Company, Respondent-Appellant

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

August 4, 1980

Attorney(s) appearing for the Case

Stroock & Stroock & Lavan (Charles G. Moerdler, Robert D. Steefel, Eva L. Coben, Bruce H. Schneider and Sylvia L. Shapiro of counsel), for appellant-respondent.

Reavis & McGrath (Lawrence W. Boes, Paul D. Baiocchi and Ralph C. Dawson of counsel), for Cross Properties, Inc., and others, respondents-appellants.

Greenbaum, Wolff & Ernst (Roger Bryant Hunting and Leo Kayser, III, of counsel), and McCarthy, Fingar, Donovan, Glatthaar, Drazen & Smith (Arthur D. Brennan and Raymond P. O'Keefe of counsel), for County Dollar Corporation and others, respondents-appellants.

Shea, Gould, Climenko & Casey for George Farkas, respondent-appellant.

Wachtell, Lipton, Rosen & Katz for Farsowin Ltd., and others, respondents-appellants.

HOPKINS, J. P., GULOTTA and COHALAN, JJ., concur.

TITONE, J.

The matter before the court on appeal stems from a stockholders' derivative action brought on September 26, 1968 to enjoin the sale to defendant Brook Realty Co., Inc. (Brook) of three parcels of real property and the improvements thereon, located in Yonkers, New York, Corpus Christie, Texas, and Orlando, Florida. The plaintiffs, owners of approximately 26% of the outstanding shares of the parent realty...

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