Simon v. Electrospace Corp.

Stetjer, J. (dissenting).

Electrospace Corporation, a New York corporation (hereinafter Electrospace [NY]), was in 1964 engaged in the electronics business, the bulk of its business being government contracts. Its stock was closely held by its officers and management and by people sach as its landlords, who had some interest in it. At that time these people, led by Brown, its president, desired to cease active basiness and to realize on the good will and assets of the company. To this end it contacted plaintiff, with whom it entered into a written contract for a nonexclusive brokerage contract…