Supreme Petroleum, Inc. v. Briggs

The opinion of the court was delivered by

Kaul, J.:

This is an appeal by defendant (appellant) from a summary judgment in an action to recover $200,000 on a stock subscription contract or in the alternative on a promissory note. The question involved is whether there remained a genuine issue as to any material facts.

The facts as gleaned from the pleadings and developed by depositions and affidavits unfold a narrative of intricate financial maneuvers, the purpose of which may fairly be inferred to have been to inflate or "puff up” the common stock of a corporation to improve its marketability.

Sup…