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NESTER v. O'DONNELL

301 N.J. Super. 198 (1997)

HARRY NESTER AND MARY NESTER, PLAINTIFFS-APPELLANTS, AND MDN, INC., PLAINTIFF, v. JAMES D. O'DONNELL, SR. AND CROSS WIRE CLOTH AND MANUFACTURING COMPANY, INC., A NEW JERSEY CORPORATION, DEFENDANTS-RESPONDENTS. JAMES D. O'DONNELL, IRA, AND DEFINED PENSION PLAN, THIRD-PARTY PLAINTIFFS-RESPONDENTS, v. MDN, INC., THIRD-PARTY DEFENDANT, AND HARRY W. NESTER AND MARY NESTER, THIRD-PARTY DEFENDANTS-APPELLANTS. JAMES D. O'DONNELL, SR., PLAINTIFF-RESPONDENT, v. HARRY W. NESTER AND MARY T. NESTER, DEFENDANTS-APPELLANTS, AND MDN, INC., DEFENDANT.

Superior Court of New Jersey, Appellate Division.

Decided May 22, 1997.

Attorney(s) appearing for the Case

Ronald L. Glick argued the cause for appellants Harry W. Nester and Mary D. Nester (Archer & Greiner, P.C., attorneys; Leigh J. Bove, on the brief).

John R. Mininno argued the cause for respondents James O'Donnell, Sr., IRA, Defined Pension Plan and Cross Wire Cloth and Manufacturing Company, Inc. (Cahill, Wilinski & Cahill, P.C., attorneys; Mr. Mininno, on the brief).

Before SHEBELL, BAIME and PAUL G. LEVY, JJ.

The opinion of the court was delivered by PAUL G. LEVY, J.A.D.

Plaintiffs (the Nesters) purchased defendants' (O'Donnell and/or Cross Wire) wire mesh business in 1985 for more than $1 million. Terms of the sale were stated in a contract made on October 15, 1985. The buyer's obligations were secured by two promissory notes and one mortgage note. Shortly before the two promissory notes were set to balloon on December 15, 1992, Harry Nester attempted to restructure the...

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