United States Second Circuit

Seller in a real estate transaction is not entitled to satisfy and extinguish a purchase price adjustment, awarded to buyer in arbitration, by recoupment or setoff against judgments on a note and lease, where purchase price adjustment and judgments arose out of discrete and independent components of transaction, and in light of the parties' intentions, as reflected in a Stock Purchase Agreement.

Appellate Information

• Argued 12/09/1999
• Decided 01/29/2002
• Published 01/30/2002

Judges

• F.I. PARKER, Circuit Judge., Before: WINTER, F.I. PARKER, and SOTOMAYOR, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• John I. Karesh,Feltman, Karesh, Major & Farbman, LLP, New York, NY (Donald F. Schneider, Arthur D. Russell, Marlene D. Hall, Of Counsel), for Appellant.


• For Appellees:
  
• Richard H. Dolan, Schlam Stone & Dolan, LLP, New York, NY (Bennette D. Kramer, of Counsel), for Appellee.