Cooper v. Ateliers de la Motobecane S.A.
New York Court of Appeals
442 N.E.2d 1239 (1982)
- Written by Mary Katherine Cunningham, JD
Facts
Cooper (plaintiff) entered a contract with Ateliers de la Motobecane S.A. (Motobecane) (defendant) establishing a New York corporation to distribute Motobecane products. The contract provided that Cooper could tender shares for repurchase to Motobecane or the New York corporation according to a price-setting formula. The contract also provided that the parties would refer any disputes over valuation of these shares to arbitration in Switzerland. In April 1978, Cooper tendered his shares for repurchase, and negotiations over the shares ensued between the parties. Motobecane eventually demanded arbitration pursuant to the contract. In September 1978, Cooper sought a permanent stay of arbitration, but the appellate division denied a stay of the arbitration in a decision called Action I. During Action I, Cooper commenced a separate lawsuit, Action II, seeking a money judgment and obtained an ex parte attachment of a debt owed by the New York corporation to Motobecane. The supreme court and the appellate division confirmed the attachment, and Motobecane appealed to the court of appeals.
Rule of Law
Issue
Holding and Reasoning (Cooke, C.J.)
Dissent (Meyer, J.)
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