Legal Opinion
EAC of New York, Inc. v. Capri 400, Inc.
Appellate Division of the Supreme Court of the State of New York
Decided March 13, 2008PublishedCited by 4 opinions
1Opinion of the CourtKane, J.
Respondent Capri 400 Restaurant, Inc. (hereinafter Capri Restaurant) was a corporation operating a business on property owned by respondent Capri 400, Inc. (hereinafter Capri). Respondent Vincent Costello was the sole shareholder, director and officer of Capri and Capri Restaurant. Petitioners entered into two separate contracts to purchase the restaurant business from Capri Restaurant and the real property and fixtures from Capri. The contract concerning the real estate provided that Capri would hold a purchase-money mortgage for $350,000 of the real estate sales price. At the closing,…
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