Owen Tire Co. v. National Tire & Rubber Co.

The plaintiff was the owner of all the shares issued by the National Tire and Rubber Company, hereinafter designated as the National Company. On May 1, 1920, Abraham Palder agreed with it to buy these shares and pay therefor by the transfer of shares in the plaintiff corporation. The amount of stock required in order to complete the transaction was to be determined by the “net value of the assets” of the National Company less amounts for good will, for organization, and audit expenses.

The value of the assets had not then been ascertained but was to be determined as of the close of business on…