New York courts have long characterized a preliminary injunction as a "drastic remedy," and are sparing about the instances in which it may be granted. A party seeking a preliminary injunction must establish, by clear and convincing evidence, (1) a likelihood of success on the merits; (2) irreparable harm absent a preliminary injunction; and (3) a balance of equities tipping in the moving party's favor. Economic loss, compensable by money damages, does not constitute irreparable harm.
The Threatened Destruction of a Business as Irreparable Harm
New York Law Journal
June 28, 2013