Cechettini v. Consumer Associates, Ltd.

—Plaintiffs and respondents Ceehettini, Wexler, Anker, Abrams, Stark and Saltman, and two others, were the owners of the outstanding stock of defendant and appellant Consumer Associates, Ltd. (hereinafter called “Consumer”). Consumer was a lessee'of real property. To secure performance of the lease each of the plaintiffs had posted with the lessor cash or securities of the value of $6,000.

Defendant and respondent Jackson Perego desired to purchase all of the outstanding capital stock of Consumer for $25,000. Plaintiffs indicated their assent provided that Perego would substitute his own…