Modlin v. Licht

The plaintiffs and the defendant Licht entered into a real estate speculation. A corporation was organized to take title to the property purchased, and the corporate stock was divided among the parties. Defendant Licht induced the other parties to sell to him 210 lots, for which no money consideration passed at the time of sale. After this sale, 390 lots remained in the original parcel, which Licht made overtures to buy, offering a ten per cent profit to the other investors for their corporate stock. The stock was sold, but it appears that, prior to the sale, Licht and defendant April, who…