Aronson v. Sol. & S. Marcus Co.

Sol Marcus and Samuel Marcus, on November 3, 1927, entered into an agreement with their nephew Joseph M. Aronson, sometimes called Joseph Aronson, which *391contemplated the merger of the retail shops of the two first named persons, and the change of the name and corporate structure of an existing corporation to enable it to conduct the combined business. The new name of the corporation was to be Sol. and S. Marcus Company. The capital stock was to consist of $100,000 in common stock, and $50,000 in preferred stock without voting power. Of the common stock, $90,000 was divided equally between Sol…