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BANK OF N. Y. v. IRVING BANK

142 Misc.2d 145 (1988)

Bank of New York Company, Inc., Plaintiff, v. Irving Bank Corporation et al., Defendants.

Supreme Court, New York County.

July 6, 1988

Attorney(s) appearing for the Case

Sullivan & Cromwell (John Warden of counsel), for plaintiff. Wachtell, Lipton, Rosen & Katz (Marc Wolinsky of counsel), for defendants.

HERMAN CAHN, J.

The Bank of New York (BNY) brings this motion seeking a preliminary injunction enjoining Irving Bank Corporation (IBC) from enforcing the "flip-in" provision of is rights agreement adopted by the board of IBC on May 19, 1988.

BNY seeks a determination that the flip-in amendment is ultra vires as a matter of New York law.

THE FACTS:

In September 1987, BNY announced...

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