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MATTER OF QUAIL AERO SERVICE, INC.

300 A.D.2d 800 (2002)

755 N.Y.S.2d 103

In the Matter of the Dissolution of QUAIL AERO SERVICE, INC. SUPERINTENDENT OF INSURANCE OF THE STATE OF NEW YORK, as Assignee of JEFFREY C. COHEN, as Trustee of the Estate of ALBERT W. LAWRENCE, Appellant; QUAIL AERO SERVICE, INC., Respondent.

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

Decided December 12, 2002.

Peters, J.

Respondent is a closely held corporation with its outstanding shares of common stock equally owned by Lewis Golub, Robert Higgins and Albert Lawrence. Its sole corporate purpose was not to make a profit, but to own, operate and make available for use by its shareholders its principal asset, a 1983 Beechcraft King Air B200 airplane. To purchase this asset, the three shareholders borrowed $1,121,000 from Chase Manhattan Bank (hereinafter Chase), in their...

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