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ALBERT v. AVERY, INC.

No. 89 CIV 6083 (LBS).

724 F.Supp. 245 (1989)

Robert A. ALBERT, Richard W. Palizay, and Samuel R. Schaffer, on behalf of themselves and all others similarly situated, Plaintiffs, v. AVERY, INC., a Delaware Corporation; Nelson Petz and Peter May, as Officers and Directors; Uniroyal Chemical Holding Co., a Delaware Corporation; Uniroyal Chemical Acquisition Co., a New Jersey Corporation; Uniroyal Chemical Co., Inc., a New Jersey Corporation; UCC Investors Holding, Inc., a Delaware Corporation; Robert J. Mazaika, as Officer and Director; Drexel Burnham Lambert Incorporated, Defendants.

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

November 6, 1989.

Attorney(s) appearing for the Case

Sipser, Weinstock, Harper & Dorn, New York City (I. Philip Sipser, Jerome Tauber, Seth M. Kupferberg, of counsel), for plaintiffs.

Cahill Gordon & Reindel, New York City (Laurence A. Silverman, Eric Hellerman, Jeffrey E. Shapiro, James Sandnes, James Cappio, of counsel), for defendants UCC Investors Holding, Inc., Robert J. Mazaika, and Drexel Burnham Lambert Inc.

Dewey, Ballantine, Bushby, Palmer & Wood, New York City (Harvey Kurzweil, Jonathan W. Miller, of counsel), for defendants Avery, Inc., Nelson Peltz, Peter May, Uniroyal Chemical Holding Co., Uniroyal Chemical Acquisition Co., and Uniroyal Chemical Co., Inc.

ORAL OPINION RENDERED IN OPEN COURT OCT. 10, 1989

SAND, District Judge.

Plaintiffs seek to enjoin the sale by Avery, Inc., of the stock of its indirectly owned subsidiary Uniroyal Chemical Company, Inc., to a group of management investors. Defendant Avery owns one hundred percent of the stock of Uniroyal Chemical Holding Company, which in turn owns through an intermediate subsidiary all the stock of Uniroyal Chemical.

In the proposed transaction...

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