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SCHLOSS ASSOC v. ARKWIN INDS

90 A.D.2d 149 (1982)

Walter J. Schloss Associates, Respondent, v. Arkwin Industries, Inc., et al., Appellants

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

November 29, 1982

Attorney(s) appearing for the Case

Baer Marks & Upham (Eugene R. Scheiman, Stephen F. Selig and Thomas E. Albright of counsel), for appellants.

Wasserman, Chinitz, Geffner & Green (Edwin L. Wol and Bernard A. Green of counsel), for respondent.

LAZER and NIEHOFF, JJ., concur in the opinion of MOLLEN, P. J.; MANGANO, J., dissents and votes to reverse the order, deny plaintiff's cross motion, grant defendant's motion and dismiss the complaint, in an opinion.

MOLLEN, P. J.

The complaint alleges that plaintiff was a minority stockholder of defendant Arkwin Industries, Inc. (Arkwin). Defendant Berlin, the founder, president and board chairman of Arkwin, was the majority stockholder, owning 85% of all issued and outstanding shares. In 1978 and 1979, Arkwin, a producer of material for use in the defense industry, realized increased sales and profits, and as of April 30, 1979, had a backlog of firm offers worth...

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