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SIGFELD REALTY v. LANDSMAN

234 A.D.2d 148 (1996)

651 N.Y.S.2d 35

Sigfeld Realty, as Shareholder and on Behalf of 200 East 16th Street Housing Corporation, Appellant, v. Jonathan M. Landsman et al., Defendants-Respondents

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

December 17, 1996

The IAS Court properly found that, due to a conflict of interest, plaintiff sponsor, owner of 78% of the shares in the cooperative corporation and the holder of the wraparound mortgage, was an improper party to commence a shareholder's derivative action (see, Steinberg v Steinberg, 106 Misc.2d 720, 721). However, plaintiff should be accorded the right to seek leave to replead. We have considered plaintiff's remaining arguments...

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