Moore v. Monarch Distributing Co.

Thomas W. Moore was the organizer of the defendant corporation known as the Monarch Distributing Company, which was created to engage in the wholesale liquor business in East St. Louis, Illinois. Moore was the owner of two hundred forty-eight shares of its stock. The only other two shares outstanding were in the names of Henry Keefe and Robert Spotz. Moore was the president of the corporation and Spotz was its secretary.

Lee Miller and Joseph S. Meyer of Springfield, Illinois, became interested in the purchase of this business. Meyer made an inventory of the corporation’s assets and on July 1,…