Frye v. Metropoulos

Apostólos -Karaganis, also known as Apostólos Karys, and referred to herein as Karys, was the principal stockholder in Beau Arts Restaurant, Inc., a Michigan corporation, which operated a restaurant in Detroit, Michigan. Its fixtures, equipment, et cetera, represent an investment of at least $20,000. Karys also held a note of the corporation for $8,600 -which was secured by a chattel mortgage on the personal property of the restaurant. On November 12,1938, he bought out the minority stockholders in the corporation and in payment gave three notes totalling $1,750, payable to Paul Bairas,…