Foley v. Riverside Iron & Steel Corp.

The controversy herein relates to a tract of land in Riverside County containing iron ore deposits, commonly referred to as the Iron Chief property. In April, 1940, the Southern Pacific Company, owner of the fee, executed a complicated Lease and Sale Agreement of this property for a 10-year term to Bralowe Corporation which had been organized by appellant Harlan H. Bradt and defendants West and Long. Bralowe immediately assigned the agreement to Riverside Iron and Steel Corporation of which Bradt owned all the stock. In the agreement Bralowe had undertaken to prosecute mining operations,…