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DEWITT v. AMERICAN STOCK TR. CO.

No. 76 Civ. 4126 (GLG).

433 F.Supp. 994 (1977)

Laurence F. DEWITT, Plaintiff, v. AMERICAN STOCK TRANSFER COMPANY, Michael Karfunkel and George Karfunkel, doing business as partners of American Stock Transfer Company, and Alrac Corporation, Defendants.

United States District Court, S. D. New York.

June 20, 1977.

Attorney(s) appearing for the Case

Butzel & Kass, New York City, for plaintiff; Stephen L. Kass, New York City, of counsel.

Snow & Becker, New York City, for defendants, American Stock Transfer Co. and Karfunkel; Charles Snow, New York City, of counsel.

Carro, Spanbock, Londin, Rodman & Fass, New York City, for defendant, Alrac Corp.; Reginald L. Duff, New York City, of counsel.

OPINION

GOETTEL, District Judge.

In June, 1975, plaintiff DeWitt purchased 134,700 shares of defendant, Alrac Corporation ("Alrac"), an amount representing, at that time, approximately 13% of the outstanding shares. Although the single certificate bore no restrictive legend, Alrac's stock transfer agent, defendant, American Stock Transfer Co. ("A.S.T."), refused to transfer the shares. Its purported reluctance stemmed from the possibility that the transfer...

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