REISS v. FIN. PERFORMANCE CORP.


279 A.D.2d 13 (2000)

715 N.Y.S.2d 29

MARVIN M. REISS et al., Appellants, v. FINANCIAL PERFORMANCE CORPORATION, Respondent.

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

November 2, 2000.


Attorney(s) appearing for the Case

Joseph M. Weitzman for appellants.

Howard Grun of counsel (Kaufman, Friedman Plotnicki & Grun, L. L. P., attorneys), for respondent.

SULLIVAN, P.J., WALLACH and RUBIN, JJ., concur with FRIEDMAN, J.; SAXE, J., dissents in part in a separate opinion.


OPINION OF THE COURT

FRIEDMAN, J.

Where a warrant to purchase stock is silent as to the effect of a reverse stock split on a warrant holder's right to purchase shares of stock, must the warrant be deemed, after such a split, to reflect a proportional change in both the number of shares that may be purchased and the price of each share? We conclude that, in the absence of any evidence that the parties to a warrant contemplated otherwise, the warrant holder...

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