Legal Opinion

Shearson Lehman Hutton Holdings Inc. v. Coated Sales, Inc.

District Court, S.D. New York

Decided June 15, 1988No. 88 Civ. 4073 (PNL)PublishedCited by 2 opinions

1Opinion of the Court

MEMORANDUM AND ORDER

LEVAL, District Judge.

This is a motion for a preliminary injunction brought in great haste to obtain for plaintiff the opportunity to sell 1,400,000 shares of stock posted as collateral for a defaulted loan in a rapidly deteriorating market.

Plaintiff is Shearson Lehman Hutton' Holdings Inc. Defendant is Coated Sales, Inc. Shearson loaned money to Michael Weinstein who at the time was Chief Executive Officer of Coated. Weinstein posted his stock in Coated Sales as security for the loan.

Subsequent events revealed a likelihood of irregularities in Weinstein’s management of…

2Cases cited8 opinions

Jackson Dairy, Inc. v. H. P. Hood & Sons, Inc.Court of Appeals for the Second Circuit · 1979
In Re Feit & Drexler, Inc.Court of Appeals for the Second Circuit · 1985
Norlin Corp. v. Rooney, Pace Inc.Court of Appeals for the Second Circuit · 1984
DeWitt v. American Stock Transfer Co.District Court, S.D. New York · 1977
Dewitt v. American Stock Transfer Co.District Court, S.D. New York · 1977

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3Cited by2 opinions

Catizone v. Memry Corp.District Court, S.D. New York · 1995
In Re Bankatlantic Bancorp, Inc. LitigationSupreme Court of Delaware · 2012