First National Bank v. American Foam Rubber Corp.

MEMORANDUM

COOPER, District Judge.

Plaintiffs’ second cause of action charging the individual defendants with having breached the subordination provisions of the Buy-Sell Agreement entered into between them and Samuel spect are measured by the distributive dividend paid out by the bankrupt esBuchman on May 17, 1957 was tried to this Court. In an opinion filed July 23, 1969, we held that Marie Louise deMontmollin had breached the provisions in question when she exchanged her American Foam Rubber Corporation (AFR) debentures for preferred stock and when she discharged her Burlington debentures…