New Jersey Steel Acquisition Corp. v. Von Roll AG.

Full title: NEW JERSEY STEEL ACQUISITION CORPORATION, Respondent, v. VON ROLL AG. et…

Court: Appellate Division of the Supreme Court of New York, First Department

Date published: Jun 21, 1990

162 A.D.2d 297 (N.Y. App. Div. 1990)

556 N.Y.S.2d 644

Opinion

June 21, 1990

Appeal from the Supreme Court, New York County (David B. Saxe, J.).

Our review of the record reveals that defendants failed to establish their defense sufficiently to warrant a court directing judgment in their favor as a matter of law. (See, Gilbert Frank Corp. v. Federal Ins. Co., 70 N.Y.2d 966, 967.) Material issues of fact exist concerning whether plaintiff New Jersey Steel Acquisition Corporation had obtained the requisite financial commitments from various lending institutions to allow it to proceed with the leveraged buyout of defendants' New Jersey steel mill, in accordance with a prescribed timetable, before defendant terminated the parties' stock purchase agreement in May 1984. We note that the various depositions upon which defendants place reliance did not resolve the dispute.

Concur — Ross, J.P., Carro, Wallach and Rubin, JJ.