Cremer v. Hollymatic Corp.

HAROLD L. LOWENSTEIN, Judge.

This is an appeal of a breach of contract action involving the transfer of ownership *365of the controlling shares of a corporation. The sellers transferred seventy percent of the corporation’s stock to the buyer. The sellers were experiencing hard financial times as was their closely held corporation. Additionally, sellers and the corporation were involved in a pending lawsuit, brought by an independent third party against the corporation. At the heart of the issues on appeal is whether the contract language pertaining to the buyer’s agreement to “indemnify and hold…