Schlieff v. Bistline

LEEPER, J. —

On June 29, 1929, Herman Schlieff and Paul Bistline, who were stockholders, directors and officers of the Consumers Oil Company, an Idaho corporation, entered into a written contract with the Utah Oil Refining Company, a Utah corporation, for the sale of all of the assets of the Consumers Company to a new corporation to be formed by the latter for the express purpose of taking over the business. The contract was ratified by the stockholders of the Consumers Company and thereafter carried out, its details being of no concern in this litigation except as hereafter stated. Among the…