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Gray and Summit Metals

Richardson and CC Partners, LLC v. Gray (Sup. Ct. N.Y. Cty.); and In re Summit Metals, (Bankr. D. Del.) In these two derivative actions, Pomerantz LLP represented C.C. Partners Ltd., and obtained judgment of contempt against the controlling shareholder for having made “extraordinary” payments to himself in violation of a preliminary injunction. We persuaded the court to jail Gray for two years upon his refusal to pay; and, in a related action, won a $43 million judgment after trial and obtained turnover of stock of two companies.