McDermott v. O'Neil Oil Co.

The business of the O’Neil Oil and Paint Company had been developed largely through the efforts of defendant George F. O’Neil to a point where its physical property was valued at approximately one million dollars. Mr. O’Neil announced that he had arrived at the age where he desired to retire from the active management of the business. He made several unsuccessful efforts to sell the business. Many of the stockholders expressed a desire to dispose of their interest in the business in case Mr. O’Neil retired from its active management.

All stockholders of the company (with the exception of the…