Legal Opinion
Borden v. Guthrie
Appellate Division of the Supreme Court of the State of New York
Decided June 17, 1965PublishedCited by 2 opinions
1Opinion of the CourtMcNally, J.
In a stockholder’s derivative action, defendants-appellants-respondents J. Alfred Valentine and Harry G. Starr have been cast in judgment, after a nonjury trial, for $371,495.45 and $215,652.83, respectively.
The issue presented is whether Valentine and Starr, officers, directors and the largest stockholders of defendant-respondent Roosevelt Raceway, Inc. (Roosevelt), violated any fiduciary duty in connection with the sale of their stock to Roosevelt.
The trial court held it was unfair for Valentine and Starr as fiduciaries, knowing that defendants George M. Levy and Alvin L. Weil, officers and…
2Cases cited14 opinions
- Gamble v. Queens County Water Co.New York Court of Appeals · 1890
- Kavanaugh v. . Kavanaugh Knitting Co.New York Court of Appeals · 1919
- Munson v. Syracuse, Geneva & Corning R. R. Co.New York Court of Appeals · 1886
- Globe Woolen Co. v. Utica Gas & Electric Co.New York Court of Appeals · 1918
- Blaustein v. Pan American Petroleum & Transport Co.New York Court of Appeals · 1944
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3Cited by2 opinions
- In re the Estate of SpazianiNew York Surrogate's Court · 1984
- Cohen v. LeNobleAppellate Division of the Supreme Court of the State of New York · 2008