Hiram M. Reed, Laura M. Reed, a Widow, and Hiram M. Reed, as and Testamentary Trustee of the Estate of D.C. Reed, Deceased v. Riddle Airlines

RIVES, Circuit Judge.

The appellants Reed sued for rescission of a contract by which they had agreed to sell 112,500 shares of stock in Riddle Airlines, Inc., to appellee, John Paul Riddle. Riddle counterclaimed for specific performance, or in the alternative for damages. The case was heard before the court aided by an advisory jury. The court denied to the appellants the rescission of their contract and awarded the appellee Riddle a judgment against the appellants for $96,475.15.

The contract was agreed on between John Paul Riddle and Hiram Reed and called for the sale of the stock to Riddle…