30 A.D.2d 522 | N.Y. App. Div. | 1968
Order entered November 28, 1967 vacating warrant of attachment reversed, on the law and the facts, and the attachment reinstated, with $30 costs and disbursements to abide the event. This is a derivative action grounded, in part, on the agreement of stockholders, including defendant-respondent, not to compete with the corporate plaintiffs as employee or otherwise. The stockholders’ agreement further obliged defendant-respondent to offer his stock to the remaining shareholders consequent on his discontinuance of employment. The tender price of the stock was submitted to arbitration. An award made August 4, 1967 was duly confirmed. On August 25,1967 respondent resigned as employee. His letter of resignation states in part: “I understand that my brother George is contesting the arbitration award. As soon as the courts make a final disposition of the award, I will then tender my stock to that person or those persons who are entitled to purchase the same as determined by the courts,” Defendant-respondent has not tendered or disposed of his stock. He is a stock
