Transportation Displays Inc. v. Winston

OPINION

KAPLAN, District Judge.

In 1986, plaintiff American Media Network, Inc. (“American”) purchased all of the issued and outstanding shares of plaintiff Transportation Displays Incorporated (“TDI”) from defendants and others in a leveraged buyout. The matter is before the Court on defendants’ motion for partial summary judgment awarding them the sum of $628,890.71, which represents refunds of taxes originally paid by defendants pursuant to a tax indemnity clause of the Stock Purchase Agreement between the parties, but which allegedly have been converted by plaintiffs. The motion, which…