Carter v. Matthey Laundry & Dry Cleaning Co.

COIL, Commissioner.

In March 19SS Matthey Laundry & Dry Cleaning Company, a corporation (hereinafter sometimes called Matthey), purchased 91 per cent (2,732 of a total 3,000 shares) of the stock of National Laundry Company, a corporation (hereinafter sometimes called National) at $40 per share on the terms and conditions contained in a written offer to purchase. In April 1955 the directors and stockholders voted to voluntarily dissolve National. C. T. Carter, plaintiff below and here both appellant and respondent, was president of National from 1936 to March 1955. He and Matthey entered into a…