Kaplan v. M. S. Kaplan Co.

This action centers upon the construction of certain provisions of a stock alienation agreement (hereafter referred to as the “agreement”) entered into between M.S. Kaplan Company (hereafter referred to as “MSK”) and Benjamin G. Kaplan (hereafter referred to as the “decedent”) on August 5, 1966. The agreement provided that upon the decedent’s death, his estate was obligated to sell, and MSK was obliged to purchase, decedent’s shares of stock at their book value as of the end of the month immediately preceding his death. MSK’s accounts determined that decedent’s stock was worth, at the time of…