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FIRST TRANSCABLE CORP. v. AVALON PICTURES, INC.

184 A.D.2d 254 (1992)

First Transcable Corporation, Appellant, v. Avalon Pictures, Inc., et al., Defendants, and Avalon Investment Corporation et al., Respondents

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

June 9, 1992

On this appeal, we reverse an award of partial summary judgment which dismissed the first cause of action alleging, inter alia, breach of fiduciary duty. The principal transaction at issue is the attempted issuance by the board of directors of a substantial block of new common stock in the defendant corporation, Avalon Pictures, Inc., in excess of the total number of shares authorized by the certificate of incorporation...

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