New Process Steel Corp. v. Steel Corp. of Texas

PRICE, Justice.

This is an appeal from the denial of a temporary injunction that sought to prevent appellee from prosecuting a suit in Tulsa, Oklahoma involving substantially the same parties and the same issues.

New Process Steel (NPS) and Steel Corp. of Texas (SCOT) are both creditors of S & S Alloys, Inc. (S & S). E. R. Fant, Inc. is a holding company which, in January 1979, acquired all of the stock of S & S. E. R. Fant is the principal shareholder of E. R. Fant, Inc., and has control of NPS.

In January, 1978, S & S executed a $1,000,000.00 note to SCOT secured by all of the assets of S & S…