Little City Foundation v. Capsonic Group, Inc.

Plaintiff, Little City Foundation, appeals from an order of the circuit court of Cook County granting a motion for summary judgment by defendants, Capsonic Group, Inc. (Capsonic), and American Antenna Corporation (American). The sole issue on appeal is whether the trial court properly concluded that a valid inter vivos gift of stock was made.

We affirm.

Capsonic and American are corporations located in Elgin, Illinois. Both companies were founded by James Liautaud, chairman and majority shareholder. In 1964, Jeffrey Liautaud, James’ brother, acquired 7,250 of the over 150,000 outstanding shares…