E. A. Taormina Et Al. v. Frank Culicchia Et Al‪.‬

This suit was instituted by plaintiff Frank Culicchia to recover his proportionate interest in the assets of a partnership between him and the defendants, E. A. Taormina and others, evidenced by a written agreement of partnership between the parties covering a period of three years from January 1, 1954 to December 31, 1956, and which terminated by express provisions thereof on the latter date. Plaintiff contends that he is entitled to recover not only his interest in the partnership assets, but also a proportionate share of the profits realized by a new partnership formed by defendants after the termination of the old partnership. Plaintiffs claim to a share in the profits of the new partnership is based upon the contention that defendants failed to account to him (for his share of the assets) within a reasonable time after the dissolution of the former partnership on December 31, 1956. He contends that defendants retained and used his investment from January 1, 1957 to August 10, 1959 before making an accounting and payment to him of his proportionate interest in the assets of the old partnership, and that he is therefore entitled to recover a proportionate share of the profits realized by the new partnership during such period. It is undisputed that plaintiff refused to become a partner in the new partnership, although he was invited and afforded the opportunity to do so.