CROSS & CROSS PROPERTIES v. EVERETT ALLIED CO.

Nos. 1160, 1276, Dockets 89-7169, 89-7171.

886 F.2d 497 (1989)

CROSS & CROSS PROPERTIES, LTD., Plaintiff-Appellee, Cross-Appellant, v. EVERETT ALLIED COMPANY, Defendant-Appellant, Cross-Appellee.

United States Court of Appeals, Second Circuit.

Decided September 21, 1989.


Attorney(s) appearing for the Case

Warren J. Kaps, New York City, for defendant-appellant, cross-appellee.

Vincent Lipari, New York City (Carro, Spanbock, Kaster & Cuiffo, of counsel), for plaintiff-appellee, cross-appellant.

Before KEARSE, CARDAMONE and PIERCE, Circuit Judges.


PIERCE, Circuit Judge:

This case involves cross-appeals from a judgment of the United States District Court for the Southern District of New York (Carter, J.). As part of what was apparently a complex tax shelter, appellant Everett Allied Company ("EAC") sold a garage to Goodwalk Associates ("Goodwalk"), a limited partnership, in return for notes secured by a mortgage.1 Under a sale-leaseback arrangement, Goodwalk made payments...

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