Columbus Outdoor Advertising Co. v. Harris

HICKS, Circuit Judge.

As its name implies, the Columbus Outdoor Advertising Company (herein called the Columbus Company) was engaged in outdoor display advertising. Its capitalization was 200 shares of common stock owned by four shareholders, as follows: Thomas L. Kaplin, of record, 67 shares; Thomas L. Kaplin, beneficially, 64 shares; Wilbur Richard Ortman, 40 shares; Lillian R. Hood, 15 shares; Frank Mitchell, 14 shares.

Following negotiations with Ortman, the Vice-President and Secretary of the Columbus Company, Kaplin, a man of large experience and some financial means, purchased his stock…