Perry v. Shahmoon Industries, Inc.

Plaintiff has instituted a stockholder’s derivative and representative action. Defendants have not as yet answered. At the time of the institution of the action plaintiff was the owner of 140 shares of the common stock of the corporation having a market value of $1,575. The stock ownership of the plaintiff obviously is insufficient to avoid the security requirements of section 61-b of the General Corporation Law. In order to meet the requirements of that section, plaintiff has moved this court, following a motion by the defendant to require plaintiff to post security for costs pursuant to…