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UNITED ORIENT BANK v. GREEN

Nos. 96 CIV. 3115 LAK, 93 B 46174 PBA.

215 B.R. 916 (1997)

UNITED ORIENT BANK and Mee Yin, Ltd., Plaintiffs, v. Arthur GREEN, Defendant-Third Party Plaintiff, v. BACHNER, TALLY, POLEVOY & MISHER, Esqs., Third Party Defendant.

United States District Court, S.D. New York.

December 23, 1997.

Attorney(s) appearing for the Case

Christopher J. Sullivan, Jane A. Gordon, Herrick, Feinstein LLP, New York City, for Plaintiffs.

Jeffrey Donner, Shain, Schaffer & Rafanello, Bernardsville, NJ, for Defendant/Third Party.

A. Michael Furman, Wilson, Elser, Moskowitz, Edelman & Dicker, New York City, for Third Party Defendant.

MEMORANDUM OPINION

KAPLAN, District Judge.

The plaintiffs in this case held security interests in the stock certificates and appurtenant proprietary leases for two units in an industrial cooperative building on the west side of Manhattan. Following defaults by the unit holders on obligations owed to both the plaintiff and entities controlled by the defendant, the defendant, now in bankruptcy, purported to cancel the shares and terminate the leases and then...

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