LOUDEE IRON & METAL CO. v. ALPER & CO.


286 A.D. 707 (1955)

Loudee Iron & Metal Co., Inc., Appellant-Respondent, v. D. Alper & Co., Inc., et al., Respondents-Appellants

Appellate Division of the Supreme Court of the State of New York, First Department.

November 29, 1955.


Attorney(s) appearing for the Case

Edward R. Downing of counsel (Thomas C. Halloran with him on the brief; Satterlee, Browne & Cherbonnier, attorneys), for appellant-respondent.

Samuel Rothstein of counsel (Rothstein & Korzenik, attorneys), for respondents-appellants.

BREITEL, J. P., BASTOW, BOTEIN and RABIN, JJ., concur.


BERGAN, J.

The plaintiff and corporate defendant in 1948 entered into a joint venture for the purchase and sale of steel, the profits or losses to be shared equally; and individual defendant, as a signatory to the instrument which formalized the undertaking, guaranteed the performance of the codefendant.

The venture lost money. It expended over $400,000 and took in about $240,000; and in December, 1949...

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