Strasburger v. Rosenheim

On April 26, 1927, appellants and Monroe Luchs wrote to plaintiff that they were the owners of ninety-seven per cent of the common stock of the Best-Ever Slipper Company and “ To induce you to make the purchase of the fifty shares of our preferred stock, we want to say that we will see to it that the company abides by the conditions outlined as follows:

“1. The company will repurchase your stock at par on or before the 1st day of February 1931.

“ 2. No dividends will be paid on the common stock of the company during any of the time that you are a stockholder until a reserve each year of at…