Arcadia Theatre Co. v. Segall

Opinion by

Mr. Justice Allen M. Stearns,

This is an action in assumpsit. Suit was brought by plaintiff theatre corporation against defendant, one of its officers and directors, to recover damages arising out of his fraudulent conduct. Plaintiff was lessee of the Arcadia Theatre in Philadelphia. Under the lease, plaintiff, upon receipt of notice from its lessor that a third party had made a bona fide offer to purchase the premises, was granted the option to purchase the premises itself upon the same terms and conditions. If plaintiff failed to exercise this option within five days, lessor was…