Beckman v. Universal Enterprises, Inc.

OPINION

FOLEY, Judge.

The shareholders of Universal Enterprises entered into a voluntary liquidation but disputed the proper valuation of the assets. The narrow issue at trial was whether accrued interest on certain promissory notes given by defendant-appellant Universal to defendant-appellant William F. Stake was a valid liability of the corporation. The case was tried to the court without a jury. The court held that the accrued interest was not a liability.

Defendants appealed from a denial of their motion for amended findings of fact, and in the alternative, a new trial based on the ground…