167 A.D.2d 14 (1991)

Philip Pruitt, Appellant, v. Rockefeller Center Properties, Inc., et al., Respondents

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

May 21, 1991

Attorney(s) appearing for the Case

Sidney B. Silverman of counsel (Silverman, Harnes & Obstfeld, attorneys), for appellant.

Russell E. Brooks of counsel (Melanie L. Cyganowski and Steven T. Potts with him on the brief; Milbank, Tweed, Hadley & McCloy, attorneys), for Rockefeller Center Properties, Inc., and others, respondents.

Marvin Schwartz of counsel (Steven L. Holley with him on the brief; Sullivan & Cromwell, attorneys), for Goldman, Sachs and Co. and another, respondents.

Robert G. Cohen of counsel (Carl D. Liggio, attorney), for Arthur Young, respondent.

Joseph Di Benedetto of counsel (Irma Nimetz with him on the brief; Winston & Strawn, attorneys), for L.W. Ellwood & Company, respondent.

ROSENBERGER and WALLACH, JJ., concur with SULLIVAN, J. P.; KUPFERMAN and SMITH, JJ., dissent and would affirm for the reasons stated by ARBER, J.


On the September 1985 public offering of such shares at $20 per share, plaintiff purchased 100 shares of the common stock of Rockefeller Center Properties, Inc. (RCPI), a Delaware corporation owning two promissory notes in the total face amount of $1.3 billion issued by the two partnerships which own 12 buildings forming the core of Rockefeller Center, as


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