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Business Associations Keyed to Coffee, 9th Ed.
McQuade v. Stoneham
Citation:
263 N.Y. 323, 189 N.E. 234 (1934)Facts
In 1919, Charles Stoneham, the majority shareholder of the National Exhibition Company (the New York Giants baseball team), sold portions of his stock to Francis McQuade and John McGraw. As part of this transaction, the three entered into an agreement stipulating that they would use their “best endeavors” to continue each other as directors and officers of the corporation with specified salaries. The agreement also required unanimous consent for changes in corporate policy or matters affecting minority shareholders. McQuade paid $50,338.10 for his 70 shares of stock. Initially, the agreement was honored, with McQuade serving as treasurer at an annual salary that was eventually increased to $10,000. However, after disagreements arose between McQuade and Stoneham, McQuade was removed from his position as treasurer in 1928 and later as director, despite the agreement. At the time of the agreement and until after the commencement of this action, McQuade was a City Magistrate.
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