Baywood Furniture Mart, Inc. v. Kennedy

GRIMES, Judge.

This is an appeal from a final judgment of mortgage foreclosure.

By, contract dated January 2, 1970, appellant, Alstan Bay Corp., agreed to purchase from appellee, Lee Kennedy, all of the outstanding stock of Baywood Furniture Mart, Inc. (hereafter called company). The contract noted that the purchase price of $153,000.00 was predicated upon a net worth of $110,129.00 as shown by the October 31, 1969, balance sheet of. the company and an additional sum of $42,871.00 representing an agreed upon appreciated value of the real estate over that reflected on the balance sheet. Of the…