Murphy v. Royal American Industries, Inc.

ANDREWS, Acting Chief Judge.

This is an appeal by the plaintiffs, Dolores ‘K. Murphy et al., from a final decree in favor of defendants, Royal American Industries, Inc., and John D. MacArthur.

Plaintiffs were the controlling stockhold- • ers of the Fort Pierce Port & Terminal Co. John D. MacArthur was President of Royal American Industries. On August 1, 1962, Royal American, MacArthur, Terminal Co. . and plaintiffs entered into a written agreement under which plaintiffs agreed to ex- ■ change 1,293,980 shares of their Terminal ■- Co. stock on a basis of three shares for one share of Royal…