Preview
SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF WESTCHESTER
--------------------------------------------------------------------X
CDC DEVELOPMENT PROPERTIES, INC.,
Plaintiff, Index No.: 51573/2015
- against -
SO-ORDERED
AMERICAN INDEPENDENT PAPER MILLS SUPPLY STIPULATION
CO., INC.,
Defendant,
---------------------------------------------------------------------X
WHEREAS, plaintiff CDC DEVELOPMENT PROPERTIES, INC. ("CDC") having
moved this Court by Order to Show Cause dated December 21, 2018, for an Order enjoining the
defendant AMERICAN INDEPENDENT PAPER MILLS SUPPLY CO., INC. ("A.I.P.") from
selling its real property at 15 South Depot Plaza, Tarrytown, New York, until such time as the
above entitled action may be tried and judgment entered; and
WHEREAS, defendant A.I.P. having opposed said motion, and having cross-moved for
an Order enjoying either plaintiff CDC or its principle and lease guarantor, Kevin Khosrowshahi
from selling or transferring any real property, until the final disposition of this matter; and
WHEREAS, plaintiff CDC having submitted papers opposing the cross-motion, and
defendant A.I.P. having submitted further papers, and said motion and cross-motion having come
on to be heard on January 16, 2019; and
WHEREAS, the parties are desirous of resolving their motion and cross-motion, they
have stipulated and agreed, and
WHEREAS, the Court is aware of said stipulation and agreement, it is
ORDERED: that the Temporary Restraining Order contained within the Order to Show
Cause dated December 21, 2018, enjoining defendant from selling realty located at 15 South
Depot Plaza, Tarrytown, New York, is continued, except that defendant A.I.P. may sell the
property located at 15 South Depot Plaza, Tarrytown, New York, if six hundred thousand dollars
($600,000.00) of the proceeds are paid directly into the attorney escrow account of Mark E.
Constantine, Esq., defendant's attorney of record, said funds to be held in escrow until such time
as this action is resolved and an order issues directing Mr. Constantine to distribute said funds or
when the terms of this stipulation and Order otherwise provide that said funds are to be released;
and it is
ORDERED: that within ten (10 days) of plaintiff CDC's counsel being notified that the
sum of $600,000.00 has been paid into Mr. Constantine's attorney escrow account, CDC (or its
guarantor, Kevin Khosrowshahi) shall post a surety bond in the amount of two hundred thousand
dollars ($200,000.00) payable to defendant A.I.P., pending the outcome of this case and the
resolution of defendant A.I.P.'s counterclaims; and it is
ORDERED: upon demand and presentation of the Bond and any relevant terms to AIP’s
attorney of record, in order to determine that the bond is for the appropriate amount
($200,000.00) and has the appropriate beneficiary (AIP), the plaintiff CDC's (or its guarantor's)
surety bond premium shall be paid directly to the issuer of the Bond out of the plaintiff tenant
CDC's security deposit currently held in Mr. Constantine's escrow account, up to the amount of
seven thousand five hundred ($7,500.00) dollars subject to reallocation; and it is
ORDERED: if upon the expiration of ten (10) days, plaintiff CDC (or its guarantor) has
not posted a surety bond for two hundred thousand dollars ($200,000.00), the sum held in escrow
by defendant's attorney of record, Mark E. Constantine ($600,000.00) shall be released and
distributed; and it is
ORDERED: defendant A.I.P.'s counsel shall advise plaintiff CDC's counsel of the name
and contact information for the prospective purchaser of 15 South Depot Plaza, purchaser's title
company, and its attorney by 11:00 a.m., Monday, January 21, 2019; and it is
ORDERED: upon the signing of this Order, counsel for plaintiff CDC shall serve this
Order upon the purchaser's title company, the purchaser, and the purchaser's attorney; and it is
further
ORDERED: upon the signing of this Order, plaintiff CDC's motion and defendant
A.I.P.'s cross-motion are withdrawn.
Dated: White Plains, New York
January 30, 2019
______________________________________ ____________________________________
GALLO VITUCCI KLAR LLP MARK E. CONSTANTINE, ESQ.
By: John U. H. Blumenstock By: Mark E. Constantine
Attorneys for plaintiff CDC Attorneys for defendant A.I.P.
One Bridge Street, Suite 140 106 North Broadway
Irvington, New York 10533 Irvington, New York 10533
(212) 683 - 7100 (ext. 394) (914) 631 - 0410
SO - ORDERED:
E N T E R:
__________________________________________
Hon. LAWRENCE H. ECKER, J.S.C.
Preview
SUPREME COURT OF THE STATE OF NEW YORK COUNTY OF WESTCHESTER --------------------------------------------------------------------X CDC DEVELOPMENT PROPERTIES, INC., Plaintiff, Index No.: 51573/2015 - against - SO-ORDERED AMERICAN INDEPENDENT PAPER MILLS SUPPLY STIPULATION CO., INC., Defendant, ---------------------------------------------------------------------X WHEREAS, plaintiff CDC DEVELOPMENT PROPERTIES, INC. ("CDC") having moved this Court by Order to Show Cause dated December 21, 2018, for an Order enjoining the defendant AMERICAN INDEPENDENT PAPER MILLS SUPPLY CO., INC. ("A.I.P.") from selling its real property at 15 South Depot Plaza, Tarrytown, New York, until such time as the above entitled action may be tried and judgment entered; and WHEREAS, defendant A.I.P. having opposed said motion, and having cross-moved for an Order enjoying either plaintiff CDC or its principle and lease guarantor, Kevin Khosrowshahi from selling or transferring any real property, until the final disposition of this matter; and WHEREAS, plaintiff CDC having submitted papers opposing the cross-motion, and defendant A.I.P. having submitted further papers, and said motion and cross-motion having come on to be heard on January 16, 2019; and WHEREAS, the parties are desirous of resolving their motion and cross-motion, they have stipulated and agreed, and WHEREAS, the Court is aware of said stipulation and agreement, it is ORDERED: that the Temporary Restraining Order contained within the Order to Show Cause dated December 21, 2018, enjoining defendant from selling realty located at 15 South Depot Plaza, Tarrytown, New York, is continued, except that defendant A.I.P. may sell the property located at 15 South Depot Plaza, Tarrytown, New York, if six hundred thousand dollars ($600,000.00) of the proceeds are paid directly into the attorney escrow account of Mark E. Constantine, Esq., defendant's attorney of record, said funds to be held in escrow until such time as this action is resolved and an order issues directing Mr. Constantine to distribute said funds or when the terms of this stipulation and Order otherwise provide that said funds are to be released; and it is ORDERED: that within ten (10 days) of plaintiff CDC's counsel being notified that the sum of $600,000.00 has been paid into Mr. Constantine's attorney escrow account, CDC (or its guarantor, Kevin Khosrowshahi) shall post a surety bond in the amount of two hundred thousand dollars ($200,000.00) payable to defendant A.I.P., pending the outcome of this case and the resolution of defendant A.I.P.'s counterclaims; and it is ORDERED: upon demand and presentation of the Bond and any relevant terms to AIP’s attorney of record, in order to determine that the bond is for the appropriate amount ($200,000.00) and has the appropriate beneficiary (AIP), the plaintiff CDC's (or its guarantor's) surety bond premium shall be paid directly to the issuer of the Bond out of the plaintiff tenant CDC's security deposit currently held in Mr. Constantine's escrow account, up to the amount of seven thousand five hundred ($7,500.00) dollars subject to reallocation; and it is ORDERED: if upon the expiration of ten (10) days, plaintiff CDC (or its guarantor) has not posted a surety bond for two hundred thousand dollars ($200,000.00), the sum held in escrow by defendant's attorney of record, Mark E. Constantine ($600,000.00) shall be released and distributed; and it is ORDERED: defendant A.I.P.'s counsel shall advise plaintiff CDC's counsel of the name and contact information for the prospective purchaser of 15 South Depot Plaza, purchaser's title company, and its attorney by 11:00 a.m., Monday, January 21, 2019; and it is ORDERED: upon the signing of this Order, counsel for plaintiff CDC shall serve this Order upon the purchaser's title company, the purchaser, and the purchaser's attorney; and it is further ORDERED: upon the signing of this Order, plaintiff CDC's motion and defendant A.I.P.'s cross-motion are withdrawn. Dated: White Plains, New York January 30, 2019 ______________________________________ ____________________________________ GALLO VITUCCI KLAR LLP MARK E. CONSTANTINE, ESQ. By: John U. H. Blumenstock By: Mark E. Constantine Attorneys for plaintiff CDC Attorneys for defendant A.I.P. One Bridge Street, Suite 140 106 North Broadway Irvington, New York 10533 Irvington, New York 10533 (212) 683 - 7100 (ext. 394) (914) 631 - 0410 SO - ORDERED: E N T E R: __________________________________________ Hon. LAWRENCE H. ECKER, J.S.C.