Fed. Sec. L. Rep. P 93,291 Movielab, Inc. v. Berkey Photo, Inc.

This controversy arises out of the sale, in 1969, of certain corporate assets by the various defendants-appellants (Berkey) to plaintiff-appellee Movielab, Inc., in exchange for two 8% installment promissory notes of Movielab in the amount of $5,250,000 each. Both Berkey and Movielab are publicly-owned corporations. After the sale, Movielab allegedly discovered that it had been deceived into entering into the transaction by false information supplied to it by Berkey. Movielab thereupon commenced this action in the United States District Court for the Southern District of New York under…