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GLENFED FINANCIAL v. PENICK CORP.

276 N.J. Super. 163 (1994)

647 A.2d 852

GLENFED FINANCIAL CORPORATION, COMMERCIAL FINANCE DIVISION, A CALIFORNIA CORPORATION, PLAINTIFF-APPELLANT, CROSS-RESPONDENT, v. PENICK CORPORATION, A DELAWARE CORPORATION, MAYFAIR PHARMACEUTICAL, INC. AND MAYFAIR CHEMICAL, INC., DELAWARE CORPORATIONS, ARIS P. CHRISTODOULOU AND MARILENA CHRISTODOULOU, DEFENDANTS-RESPONDENTS, CROSS-APPELLANTS.

Superior Court of New Jersey, Appellate Division.

Decided August 23, 1994.

Attorney(s) appearing for the Case

Sheldon Eisenberg argued the cause for appellant-cross-respondent (Irell and Manella, admitted pro hac vice, attorneys; Ravin, Sarasohn, Cook, Baumgarten, Fisch & Baime, attorneys; Mitchell B. Seidman and Mr. Eisenberg, on the brief).

David M. Olasov, admitted pro hac vice, argued the cause for respondents-cross-appellants (Edwards & Angell, attorneys; Alfred R. Paliani, on the brief).

Before Judges SKILLMAN, KESTIN and WEFING.

The opinion of the court was delivered by SKILLMAN, J.A.D.

In early 1988, defendants Aris and Marilena Christodoulou, through their wholly-owned holding company, defendant Mayfair Pharmaceutical, Inc., purchased defendant Penick Corporation (Penick), which was a pharmaceutical company primarily engaged in the manufacture of bulk pharmaceuticals, particularly opium derivatives, for other companies, as well as the fermentation of pharmaceuticals and the manufacture...

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