Sandell, Inc. v. Bailey

Appellant appeals from a judgment in favor of respondent for $50,000 due on a note, plus interest and attorneys’ fees.

Appellant was a director of Cleary Oil Company Limited, a Canadian corporation, from its inception until October 1955, and Victor I. Sandell was appointed a director of this corporation in February 1955, later becoming its president in 1956.

The corporation, Oleary Oil Company Limited, issued an offering circular dated November 18, 1954, offering for sale 28,570 shares of the corporation at $10.50 per share upon the face of which is printed,1 ‘ These securities are offered…