Abbot v. Wingaersheek Turbine Co.

The defendants appeal from a decree ordering the corporate defendant to issue 25,000 shares of its stock to the plaintiff for $25,000 under a stock option agreement. The defendants rely upon a separate agreement between the plaintiff and third persons, not parties to this suit, under which the plaintiff purported to borrow $25,000 in exchange for a pledge of the stock to be obtained under the option agreement. The defendants contend that the pledge agreement was in fact a transfer of the plaintiff’s stock option to the pledgees contrary to the terms of the option agreement (which imposed no…