Akcess Pacific Group LLC v. Winstar Communications Inc.

MEMORANDUM OPINION

KAPLAN, District Judge.

Plaintiff Akcess Pacific Group LLC (“Akcess”) was thwarted in its attempt to take over defendant CellularVision U.S.A., Inc., now known as SpeedUs.com, Inc. (“CVUSA”). It claims that CVUSA improperly refused to convert preferred shares of CVUSA into common stock at the behest of the holder, Marshall Capital Management, Inc. (“MCM”), which had contracted to sell to Akcess common shares issued upon conversion, and also that it improperly sold an important asset to the Winstar defendants. Defendants CVUSA, CellularVision of N.Y.L.P. and Shant Hovnanian…