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ALLEN v. THE KATZ AGENCY, INC. EMP. STOCK OWN. PLAN

No. 486, Docket 81-7615.

677 F.2d 193 (1982)

David S. ALLEN, Plaintiff-Appellee-Cross-Appellant, v. THE KATZ AGENCY, INC. EMPLOYEE STOCK OWNERSHIP PLAN, Defendant-Appellant-Cross-Appellee, The Katz Agency, Inc., Defendant-Cross-Appellee, Samuel T. Jones, Oliver T. Blackwell and James Greenwald, as Trustees of The Katz Agency, Inc. Employee Stock Ownership Plan, Defendants.

United States Court of Appeals, Second Circuit.

Decided April 8, 1982.

Attorney(s) appearing for the Case

David Fleischer, New York City (Charles Burton, Timothy P. Fisher, William Bruce Johnson, Battle, Fowler, Jaffin & Kheel, New York City, of counsel), for defendant-appellant-cross-appellee.

James F. Rittinger, New York City (George L. Mahoney, Satterlee & Stephens, New York City, of counsel), for plaintiff-appellee-cross-appellant.

Before FRIENDLY, OAKES, and PIERCE, Circuit Judges.

OAKES, Circuit Judge:

This case arose out of the termination of employment of an executive (David S. Allen) by a national advertising representative for radio and television stations, The Katz Agency, Inc. (Katz). Allen was the owner of 15,000 shares of Katz common stock purchased pursuant to written agreements incorporating a by-law restriction requiring that the shares be resold to Katz at book value upon his termination...

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