Joseph v. Amrep Corp.

Order Supreme Court, New York County, entered August 16, 1977, denying defendant’s motion to dismiss the complaint, unanimously affirmed, without costs or disbursements. Plaintiff instituted this shareholders derivative action alleging, inter alia, that to demand that the board of directors bring this action would be futile since the individual defendants, by virtue of their substantial holdings, control the corporation and its board of directors. It is urged by defendants in support of the motion to dismiss that they (except for Irving W. Blum) are no longer members of the board of…