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Business Associations Keyed to Bainbridge
Smith v. Atlantic Properties, Inc.
Citation:422 N.E.2d 798 (1981)
In December 1951, Dr. Louis E. Wolfson agreed to purchase land in Norwood for $350,000 with an initial cash payment of $50,000 and a mortgage note of $300,000 payable in thirty-three monhts. Dr. Wolfson offered a quarter interest each in the land to Mr. Paul T. Smith, Mr. Abraham Zimble, and William H. Burke. Each paid to Dr. Wolfson $12,500. Each of the four subscribers received twenty-five shares of stock. Atlantic purchased the Norwood land. Disagreements and ill will soon arose between Dr. Wolfson and the other stockholders as a group. Dr. Wolfson wished to see Atlantic’s earnings devoted to repairs and some improvements in its existing buildings and adjacent facilities. The other stockholders desired the declaration of dividends. Dr. Wolfson steadily refused to vote for any dividends.
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