[Download] "Elisabeth De Kovessey v. Coronet Properties Co. Et Al." by Court of Appeals of New York " Book PDF Kindle ePub Free
eBook details
- Title: Elisabeth De Kovessey v. Coronet Properties Co. Et Al.
- Author : Court of Appeals of New York
- Release Date : January 30, 1987
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
[69 N.Y.2d 448 Page 453] Opinion OF THE COURT In four cases heard and decided together, the appellants-sponsors assert that they have been erroneously required to permit the respondents-estates to purchase shares, at the less-than-open-market insider price, under cooperative conversion plans in the place and stead of their respective decedents. The sponsors each made offers to ""tenants in occupancy"" in rent-controlled apartment buildings being converted to cooperative ownership; the tenants-offerees each died before accepting the offers and their estates each attempted to accept pursuant to the terms of the offering statements. Although the sponsors rejected the estates' proffered acceptances, each of the sponsors was ordered by courts below to honor the estates' acceptances. The sponsors urge that the decisions below were incorrect because (1) the estates were not ""tenants in occupancy"" as contemplated by the controlling statute; (2) the [69 N.Y.2d 448 Page 454]