Fells v. Katz

A corporation, Fells, Lent, Cantor, Katz Corporation, the defendant corporation herein, was formed by the merger of two corporations, Fells, Lent & Cantor Corporation and New York Metal Store Fronts Co., Inc., which was owned and controlled by A. and M. Katz. The stock of the new corporation was divided equally among Fells, Lent, Cantor and the two Katz brothers. All the parties signed an agreement to pay $20,000 each for his equal share of the stock of the new corporation. They agreed to elect each one of their number an officer in the new corporation for a period of ten years. Fells was to…