McFarland v. Gregory

WATERMAN, Circuit Judge.

Plaintiffs below were the developers of a real estate project outside Washington, D. C., known as “Arlington Towers.” The project consists of an 18-acre tract of land in Virginia, four multi-story apartment buildings, and a shopping center. In April 1957, plaintiffs were required, because of financial difficulties, to sell all the issued outstanding stock and debentures of the corporation developing the project to persons known as the Kaufman Group. As part of the sales agreement, plaintiffs were given, at an agreed price, a call on the securities or an option to…