70 A.D.2d 838 | N.Y. App. Div. | 1979
— Judgment (erroneously denominated an order) of the Supreme Court, New York County, entered April 3, 1978, insofar as it granted petitioner’s application to stay the arbitration with respect to the issues raised by paragraphs 2 and 3 of schedule A annexed to the demand for arbitration dated November 16, 1977, and denied the application to stay the arbitration with regard to paragraph 1 of schedule A, unanimously modified, on the law, to deny the application to stay arbitration on the issues raised by said paragraphs 2 and 3 of schedule A, and otherwise affirmed, with costs and disbursements to respondent-appellant-respondent Abel-Bey. The stockholders’ agreement executed by all the parties to this proceeding except respondent-respondent Moondock Productions, Inc., encompasses, inter alia, provisions for the purchase, sale and transferability of the stock of the corporation; for the election of each of the party-stockholders or their designees as directors and officers; for an employment agreement to be entered into by the corporation for the nonexclusive services of each party-stockholder in a specifically designated capacity; and for all corporate checks, loans, orders of payment and debts to require the signature of certain of the party-stockholders as provided in said stockholders’ agreement. Paragraph 11 of the agreement stipulated that "All disputes arising in connection with this agreement shall be finally settled by arbitration.” The claims for which arbitration is sought are threefold: The first