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COLOR BY PERGAMENT, INC. v. PERGAMENT

241 A.D.2d 418 (1997)

660 N.Y.S.2d 431

Color by Pergament, Inc., Respondent, v. Danielle Pergament, Appellant

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

July 31, 1997

On August 4, 1983, defendant's father, Henry Pergament, engaged in a series of transactions whereby he acquired controlling interest (all 60 outstanding shares) in plaintiff, then sold half of those shares to Jeffrey Sinaw (plaintiff's president), and promised (in a shareholders agreement) to surrender the balance of his holdings to the company for the nominal price of $1, after completing his performance of consulting services...

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