Kennedy v. Lack

Opinion op the Court by

Judge Cammack

Affirming.

This litigation involves the sale in the early part of 1933 of all of the assets of the Clark-Lack Grocery Company, Inc., of Paducah, by the assignee, F. S. Lack, to his father, F. E. Lack, a stockholder, and the principal creditor of the Company, under Section 87 of the Statutes. The price paid was approximately $54,800 (the amount of the debts of the Company). An appraisal made about the time of the assignment showed that the Company’s assets were worth approximately $46,000.

The appellants owned the majority of the stock of the Grocery Company.…