Delaware Punch Co. of America v. Reinarz

MURRAY, Justice.

Robert A. Reinarz, appellee herein, instituted this suit seeking rescission of a contract whereby he had purchased twenty-five units, consisting of twenty-five shares of preferred stock and twenty-five shares of common stock, of the Delaware Punch Company of America, appellant herein.

The jury found in response to special issues propounded to them: That Thomas E. Lyons, president, general manager,' and chief executive officer of appellant corporation, represented to appellee that appellant had not issued any “watered stock” ; that the old stockholders of the corporation had…