Livingston v. Krown Chemical Manufacturing, Inc

Marsano, Inc. was engaged in the manufacture and sale of a product known as "Beauty Mate Comb”. Leonard Marsano and his wife, Lillian Marsano, owned about 52-1/2% of the capital stock and plaintiffs Jack K. Livingston, et al., owned about 47-1/2%.

The stockholders, majority and minority, decided to sell their shares and placed an advertisement in the Wall Street Journal. Defendant Krown Chemical Manufacturing, Inc. negotiated with stockholders and a contract was signed on December 22, 1967.

For their shares, the Marsanos received $31,000 and 2,000 shares of Krown capital stock. The Krown shares…