Old Penn Tavern, Inc. v. KUBIAK

Opinion by

Flood, J.,

The principal issue raised by this appeal is whether a corporation which has elected to accept for itself the benefit of a purchase of shares of its stock by corporate officers with corporate assets, including funds borrowed by the corporation, may also recover from the officers the interest and service charges incurred by it in connection with the transaction. The appeal also attacked the chancellor’s finding that the defendant-officers intended to defraud the corporation and raises certain procedural objections.

1. The defendants, officers and stockholders of the…