Somers v. Commercial Finance Corp.

The defendant, a Massachusetts corporation, entered into a contract with Henry V. Greene under which, in consideration of the issuance to him of twenty thousand shares of the common stock of its new issue, he agreed to sell forty thousand shares of the new issue of its preferred stock “at a price to net the . . . [defendant] fifty-one and 25/100 . . . dollars for each and every share thereof ” giving the “ common stock as a bonus to the buyers of the preferred ... in the ratio of one share to two.” Greene assigned the contract to the H. V. Greene Company, a corporation organized under the…