MARRUS v. AUI INDUS. INC.


171 A.D.2d 549 (1991)

Rick Marrus, Appellant, v. AUI Industrial Inc., Respondent

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

March 21, 1991


In February 1988, plaintiff tendered his shares to the defendant corporation and sought $630,000 pursuant to a 1980 shareholders redemption agreement. Defendant contended that plaintiff was only entitled to $250,000 pursuant to a 1987 agreement which allegedly superseded the buy-sell provision of the 1980 shareholders agreement. The 1987 document, which is entitled "Agreement Reached 9/16/87 Regarding Potential Sale of AUI Asset: Memorandum of Understanding in Concept Only...

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