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GOTTESMAN & CO. v. ITT

102 A.D.2d 407 (1984)

Gottesman & Company, Inc., Respondent-Appellant, v. International Telephone and Telegraph Corporation, Appellant-Respondent

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

June 28, 1984

Attorney(s) appearing for the Case

James M. Ringer of counsel (Robert A. Rabbino, Jr., with him on the brief; Rogers & Wells, attorneys), for appellant-respondent.

Richard M. Michaelson of counsel (Daniel Shapiro with him on the brief; Fried, Frank, Harris, Shriver & Jacobson, attorneys), for respondent-appellant.

CARRO, J. P., BLOOM, KASSAL AND ALEXANDER, JJ., concur.

ASCH, J.

This action arose from plaintiff Gottesman's transfer of rights obtained in 1968 from the Government of Quebec, to cut timber in that Province for a pulp mill, to a subsidiary of defendant ITT for $5,000,000 in 1970-1971. Payment of the purchase price was to be paid on a delayed basis keyed to the sales of products from the mill. There have been no payments since 1979 since the mill built by defendant...

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