Coastal Pharmaceutical Co. v. Goldman

This is an appeal by Coastal Pharmaceutical Co., Incorporated, from decrees entered by the chancellor on August 17, 1971 and December 6, 1971 on a bill of complaint filed by Milton S. Goldman, M. D., praying for rescission of a written agreement dated January 17, 1971 to effect a sale by Goldman to Coastal of all of the stock of Ghent Arms Corporation, owner and operator of Ghent Arms Nursing Home in Norfolk. In his two decrees and his letter opinion dated July 21, 1971 the chancellor ruled that because Coastal had never, authorized execution of the agreement by formal corporate action or…