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Securities Regulation, Keyed to Choi
Landreth Timber Co. v. Landreth
Citation:
471 U.S. 681, 105 S. Ct. 2297, 85 L.Ed.2d 692 (1985)Facts
Respondents Ivan K. Landreth and his sons owned all outstanding stock of a lumber business operating in Tonasket, Washington. They offered the stock for sale through brokers in Washington and other states. After the company’s sawmill was damaged by fire, brokers continued marketing the stock with assurances that the mill would be completely rebuilt and modernized. Samuel Dennis, a Massachusetts tax attorney, received a sales letter and became interested based on representations about rebuilding plans, predicted productivity, existing contracts, and expected profits. Dennis and John Bolten conducted an audit and inspection before negotiating a stock purchase agreement for all common stock. Dennis assigned the purchased stock to B&D Co., which merged with the lumber company to form petitioner Landreth Timber Co. After acquisition, rebuilding costs exceeded estimates, new components proved incompatible with existing equipment, and the mill was eventually sold at a loss before the company entered receivership.
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