P G Metals Co. v. Hofkin

Opinion by

Mr, Justice O’Brien,

Prior to December 29, 1961, appellant, Hofkin, was a director and secretary of the Penn Galvanizing Com*622pany. He owned 25% of the stock of that company, the remainder being owned by or for other members of his family. On that date, all of the stock and assets of Penn Galvanizing were sold to P G Metals Company, Inc., appellee. Included in the assets transferred to P G Metals was a loan receivable from Hofkin in the amount of $19,430.38, $8,000 of which was borrowed by Hofkin in 1961 and the balance of $11,-430.38 prior to December 31, 1949.

In connection with the…