FRANK MAY ASSOCIATES, INC. v. BOUGHTON


281 A.D.2d 673 (2001)

721 N.Y.S.2d 154

FRANK MAY ASSOCIATES, INC., Respondent, v. FREDERICK BOUGHTON et al., Appellants.

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

Decided March 1, 2001.


Mugglin, J.

Defendant Frederick Boughton was the sole shareholder, officer and director of defendant Paragon Food Service, Sales & Marketing, Inc., a company engaged in the food brokerage business within New York. In 1998, defendants sold their assets (consisting of customer lists, covenants not to compete and goodwill) to plaintiff for a purchase price of 20% of the "actual collected revenue" by plaintiff from 23 specifically identified principals (customers...

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