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BOSTOCK v. HIGH TECH ELEVATOR IND.

260 N.J. Super. 432 (1992)

616 A.2d 1314

PETER G. BOSTOCK, PLAINTIFF/APPELLANT/CROSS-RESPONDENT, v. HIGH TECH ELEVATOR INDUSTRIES, INC., A NEW JERSEY BUSINESS CORPORATION, AND KENNETH R. RICE, INDIVIDUALLY AND IN HIS CAPACITY AS AN OFFICER AND DIRECTOR OF HIGH TECH ELEVATOR INDUSTRIES, INC., DEFENDANTS/RESPONDENTS/CROSS-APPELLANTS.

Superior Court of New Jersey, Appellate Division.

Decided November 25, 1992.

Attorney(s) appearing for the Case

Jon C. Martin argued the cause for appellant/cross-respondent (Fox, Rothschild, O'Brien & Frankel, attorneys; Jonathan D. Weiner, of counsel; Mr. Martin and Edith S. Brower, on the brief).

Vincent E. Gentile argued the cause for respondents/cross-appellants (Cohen, Shapiro, Polisher, Shiekman and Cohen, attorneys; Mr. Gentile and Judith L. Rosenthal, on the brief).

Before Judges MICHELS and BAIME.

The opinion of the court was delivered by BAIME, J.A.D.

In this appeal and cross-appeal, the parties challenge various aspects of a judgment entered by the Chancery Division, ordering defendant High Tech Elevator Industries, Inc. (High Tech) to purchase the stock of its minority shareholder Peter G. Bostock at a price of $109,518. The Chancery Division determined the value of the stock in accordance with a formula provided in a buy-out clause contained in a shareholders...

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