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WHALEN v. SCHOOR, DePALMA & CANGER GROUP, INC.

305 N.J. Super. 501 (1997)

GEORGE F. WHALEN, JR., PLAINTIFF-RESPONDENT/CROSS-APPELLANT, v. SCHOOR, DePALMA & CANGER GROUP, INC., DEFENDANT-APPELLANT/CROSS-RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided November 19, 1997.

Attorney(s) appearing for the Case

Timothy D. Lyons argued the cause for appellant/cross-respondent (Giordano, Halleran & Ciesla, attorneys; Michael J. Canning, of counsel and on the brief; Mr. Lyons, on the brief).

Bernard V. Kelly argued the cause for respondent/cross-appellant.

Before Judges BAIME, WEFING and BRAITHWAITE.

The opinion of the court was delivered by BAIME, J.A.D.

This appeal and cross-appeal concern the enforceability of an amendment to a shareholder redemption agreement delaying the valuation date of redeemed stock until the completion of criminal proceedings pending against the corporation and its principal officer. Plaintiff, a former employee and minority shareholder of defendant Schoor, DePalma and Canger Group, Inc. (Schoor), brought suit for breach of the original...

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