Van Kampen v. Detroit Bank & Trust Co.

The F. H. Martin Construction Company is engaged in the business of general contracting. At the outset of the company, F. H. Martin and his wife were the sole stockholders. In the late 1940’s, B. H. Armiger joined the company. F. H. Martin suffered a heart attack in 1956. As a result of the infliction, he turned the management of the company over to Armiger and gave him 40% of the company’s outstanding stock.

Plaintiff joined the company in June, 1951. Keith Manglos, F. H. Martin’s son-in-law, joined the company in 1953.

On April 28, 1958, an offer made by Armiger to sell his stock interest in…