Command Performance Operators, Inc. v. First International Services Corp. (In Re First International Services Corp.)

MEMORANDUM AND ORDER

ALAN H.W. SHIFF, Bankruptcy Judge.

The plaintiffs in this proceeding seek, inter alia, an order declaring void an “Agreement for Sale and Purchase of Shares” (Agreement) between the Clements Group, Inc. (Buyer) and the owners of the shares of stock of the debtors (Sellers). Both parties to the Agreement, as well as the debtors, are defendants herein. The debtors are interrelated corporations in the business of operating a franchise system of hair cutting salons.

BACKGROUND

Trial was held on August 16, 1982, at which time the parties present stipulated to the material facts…