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PARROTT v. COOPERS & LYBRAND

263 A.D.2d 316 (2000)

702 N.Y.S.2d 40

HAROLD T. PARROTT, Respondent, v. COOPERS & LYBRAND, L. L. P., Appellant. HAROLD T. PARROTT, Appellant, v. COOPERS & LYBRAND, L. L. P., Respondent.

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

January 20, 2000.

Attorney(s) appearing for the Case

Maryann Peronti of counsel (John F. Storz on the brief; Koerner, Silberberg & Weiner, L. L. P., attorneys), for respondent-appellant.

Alan M. Gelb of counsel (Theodore Snyder, Richard Keenan and Joseph A. Clark, III on the brief; Jones Hirsch Connors & Bull, P. C., and Coopers & Lybrand, L. L. P., attorneys), for appellant-respondent.

WILLIAMS, WALLACH and BUCKLEY, JJ., concur with TOM, J.; ROSENBERGER, J. P., dissents in part in a separate opinion.

OPINION OF THE COURT

TOM, J.

Plaintiff Harold Tod Parrott was employed as Vice-President of Sales by nonparty Pasadena Capital Corporation, a privately held investment advisor firm located in California. A majority of the company's shares were held by its CEO, with employees, including plaintiff, holding various minority interests. Under a January 1, 1992 stock purchase agreement, plaintiff purchased 40,500 shares at $28.22 per share. The purchase agreement...

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