Schillinger v. North Hills Realty Corp.

Plaintiff Keck, a real estate broker and a stockholder of the defendant, received a prospectus from the defendant and a letter from the defendant’s president. The letter informed the defendant’s stockholders that a committee of three persons (which included the defendant’s *540president) had been appointed by its president to invite offers for the purchase of the defendant’s real property and to decide what method to use in evaluating the offers. It was stated therein that “ Within a reasonable time we will evaluate the offers submitted and the committee will present to the Board of Directors an…