Catsouphes v. Atex Associates, Inc.

The opinion of the court was delivered by

WALLACE, J.A.D.

We granted leave to appeal to address defendant Scott L. Nicholas’ challenge to an order of the Chancery Division entered on June 9, 1995. The order directed each of the shareholders of Atex Associates, Inc. to pay $20,000 to the receiver within two weeks. Any shareholder who made the payment would receive priority over a non-paying shareholder. Further, the order provided that if the entire $140,000 was not paid within two weeks, the custodial receiver could apply to the court for appropriate relief.

On appeal defendant Nicholas…