International Consolidated Industries, Inc. v. Norton & Co.

OPINION OF THE COURT

Harold Baer, Jr., J.

Plaintiff, International Consolidated Industries, Inc. (ICI), *607seeks an order pursuant to CPLR 3213 granting summary judgment in lieu of complaint.

On December 31, 1984, ICI agreed to purchase shares of Norton & Co., Inc. stock for $600,000 (the Agreement) with the option to sell back or "put” to Norton & Co. all stock at the original purchase price plus all accrued dividends.

On March 31, 1985, ICI, in writing, exercised its option to sell all of the preferred shares back to Norton & Co. on the terms specified in the Agreement. Norton & Co. repurchased…