Futernick v. Cutler

Ralph Futernick and Atlas Industries, Inc., plaintiffs, filed a bill of complaint seeking an accounting concerning business enterprises entered into by Futernick, Atlas, and defendant Cutler.

Atlas is a Michigan corporation, whose president and sole stockholder was Futernick. Three separate business deals were involved:(1) The Oklahoma deal — which was the purchase and resale of the surplus scrap of a bankrupt in Oklahoma.(2) The California metals transaction — which was the purchase of scrap metals and their resale in California.(3) The Lake City Paper enterprise.

In all of these transactions,…