Naquin v. Oilwell Drilling Control, Inc.

MILLER, Judge.

Defendant Harold Davenport appeals a judgment ordering a redistribution of corporate profits according to a contract made by defendant and plaintiffs Sidney Naquin and Gene Davenport.1 We affirm.

Gene Davenport (no relation to defendant) and Sidney Naquin had been employed by defendant Harold Davenport or one of his corporate enterprises since 1955. In September 1965 defendant organized and purchased all the stock of Oilwell Drilling Control, Inc. Both plaintiffs were employed full time by ODC, Inc. on a salary basis. In 1967 each plaintiff purchased 15% of the stock in ODC, Inc.…