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SCATTERGOOD v. JAMAICA WATER SEC. CORP.

234 A.D.2d 688 (1996)

650 N.Y.S.2d 854

Harold F. Scattergood, Jr., et al., Appellants, v. Jamaica Water Securities Corporation, Respondent

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

December 5, 1996

Mikoll, J.

Plaintiffs are 66 holders of warrants of participation issued under a warrant agreement made in 1969 by Jamaica Water and Utilities, Inc. (hereinafter JWU). The warrant agreement purported to provide existing shareholders of JWU an opportunity to share in the benefits that might arise from a "condemnation or other disposition of water properties owned by Jamaica Water Supply Company" (hereinafter JWS). The relevant language of section 2.01...

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