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Business Organizations Keyed to Allen
Jennings v. Pittsburgh Mercantile Co.
Citation:202 A.2d 51 (Pa. 1964).
Frederick A. Egmore was the vice-president and treasurer-comptroller for Mercantile’s board of directors. In April 1958, Egmore and Mercantile’s financial consultant, Walter P. Stern, approached Jennings to explore the possibility of a sale and leaseback of Mercantile’s real estate. At the time, Mercantile was looking to raise cash for a store modernization. Jennings was provided with Mercantile’s financial information and asked to solicit offers. During the meeting, Egmore informed Jennings that (1) the board of director‘s executive committee controlled Mercantile, (2) the executive committee would be responsible for accepting any offers, and (3) subsequent approval by the entire board of directors would be automatic.
In July and August, Jennings brought three offers to Egmore. On November 4, Jennings was advised by Stern that the executive committee had accepted the third offer. However, Egmore later advised Jennings the third offer had been rejected. Thereafter, Mercantile refused to pay Jennings’ bill for a $32,000 brokerage commission.
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