Baldasano v. Bank of New York

—Order, Supreme Court, New York County (Francis N. Pécora, J.), entered October 15, 1990, which granted the motion by defendants Intercontinental Monetary Corp., Mutual Life Insurance Company of New York and The Bank of New York to dismiss the complaint against them pursuant to CPLR 3211 (a) (1), (2) and (5) for failure to state a cause of action and on grounds of res judicata and collateral estoppel, unanimously reversed, on the law and the facts, and the motion is denied, without costs.

Sarasota Plaza Associates, a New York limited partnership, is essentially a tax shelter whose sole asset…