Spankus v. West

For a number of years prior to 1928, the Magnesia Products Company had been engaged in the business of manufacturing and selling bird foods and bird products. The defendant was its president and the plaintiff an employee. The capital stock of the company was owned by a corporation known as Lake Shore Stone Company. In 1923 the defendant made an arrangement with the Lake Shore Stone Company pursuant to which he acquired one half of the capital stock of the Magnesia Products Company or one hundred seventy-five shares and the plaintiff a like amount for an aggregate price of $7,500. The…