Barden v. A. Heller Sawdust Co.

Frank O. Barden, Sr., Alex. Heller, and Charles T. Sherman caused to 'be incorporated under the Michigan statute the A. Heller Sawdust Company, with a capital stock of $10,000, all common, to which each subscribed for one-third. They became directors of the corporation so organized. Heller furnished either by check or note $1,000. Neither of the other parties furnished or paid in any money. It should be here noted that we are not dealing with the purchase or retirement of preferred stock. Mr. Barden’s business required him to move to an eastern State, and the company purchased his stock for…