Ward v. Flex-O-Tube Co.

MILLER, Circuit Judge.

On September 15, 1945, the appellants who were the owners of all the outstanding capital stock of the Flex-O-Tube Company, a Delaware corporation, sold said stock to the appellee, the Flex-O-Tube Company, an Illinois corporation, formerly known as the Tetrarch Corporation, and, as a part of said transaction, entered into a written contract of guaranty with the appellee, by which the appellants guaranteed that the net worth of the assets of the Delaware company on September 15, 1945, was not less than $865,762.56, and also agreed to pay any deficiency therein as disclosed…