Bank of California v. First Mortgage Co.

This action involves the determination of the value of the stock of a corporation according to the terms of a buy-out agreement of the stockholders. The cause was tried to the court without a jury, and resulted in. findings of fact, conclusions of law and judgment placing a higher value upon the stock than was fixed by a firm of certified public accountants. From this judgment the surviving stockholders appeal.

The facts may be summarized as follows: On February 1, 1964, eight individuals who were employees of, and who owned all of the stock of, First Mortgage Company entered into an “amended…