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Corporations Keyed to Hazen
Gerdes v. Reynolds
Citation:28 N.Y.S.2d 622 (Sup.Ct.1941)
Defendants who controlled Reynolds securities sold their controlling interest at a price in excess of the market price. The purchasers of control proceeded to liquidate the corporation to the detriment of the remaining shareholders. There remains for consideration the liability of the Reynolds group of defendants, consisting of those who sold their stock and resigned as officers and directors and the members of the firm of Granberry & Co. who, for a substantial consideration, guaranteed performance of the contract of sale by the sellers and received and disbursed the proceeds of sale.
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