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  5. 733 F.Supp. 179 (1990)
 

FLAIR BROADCASTING CORP. v. POWERS

89 Civ. 2528 (KC).

733 F.Supp. 179 (1990)

FLAIR BROADCASTING CORPORATION, J. Timothy Harrington, and John N. Boden, Plaintiffs, v. Heidi Schmid POWERS, Manley P. Caldwell, Jr., and Citicorp Trust, N.A., Personal Representatives of the Estate of Robert A. Schmid; Heidi Schmid Powers, individually; and Manley P. Caldwell, Jr., individually, Defendants. BROADCASTING COMPANY OF THE CAROLINAS; and Heidi Schmid Powers, Manley P. Caldwell, Jr. and Citicorp Trust, N.A., Personal Representatives of the Estate of Robert A. Schmid, Counterclaim Plaintiffs, v. FLAIR BROADCASTING CORPORATION, J. Timothy Harrington, and John N. Boden, Counterclaim Defendants.

United States District Court, S.D. New York.

March 16, 1990.

Attorney(s) appearing for the Case

Irwin and Post, Frederick B. Polak and Mary H. Post, New York City, for plaintiffs/counterclaim defendants.

Richenthal & Birnbaum, P.C., David G. Richenthal, New York City, for defendants/counterclaim plaintiffs.

MEMORANDUM OPINION AND ORDER

CONBOY, District Judge:

BACKGROUND

This litigation involves a contract to sell a radio station in South Carolina. Flair Broadcasting Corporation, which was a Delaware corporation and is now a New Jersey corporation, and which has two shareholders John N. Boden and J. Timothy Harrington, was to be the Buyer (we will refer to these parties collectively as "Buyer" because of the counterclaim). Robert A.

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