Spielman v. Acme National Sales Co.

OPINION OF THE COURT

Mahoney, P. J.

Plaintiff Michael Spielman was president and sole shareholder of Acme National Sales Company, Inc. (hereinafter Acme New York), a New York corporation that manufactured and sold refrigeration and kitchen units. In 1985, Spielman sold Acme New York to Acme Kitchen Corporation, a Delaware corporation, which then changed its name to defendant Acme National Sales Company, Inc. (hereinafter Acme Delaware). To purchase Acme New York, Acme Delaware arranged for financing with defendant Fleet National Bank (hereinafter Fleet) which loaned Acme Delaware $3 million and…