Childs v. RIC Group, Inc.

RULING ON MOTION FOR SUMMARY JUDGMENT *

SIDNEY 0. SMITH, Jr., Chief Judge.

Securities Funding Corporation (SFC) was incorporated in January, 1967. The corporation was capitalized with 3,000 shares of stock issued to six individuals and another corporation. Five of the individuals (including plaintiffs herein) received five hundred shares each; the sixths and the corporation received two hundred fifty shares each. The board of directors was comprised of the six individual stockholders (Childs Deposition Éx. 1). Paris and Childs had extensive background in the business for which SFC was…