Gibson Equipment Co. v. AGM Development Corp.

By JudgeJohn C. Morrison, Jr.

This matter is before the court on the parties’ Post-Trial Memoranda following an ore terns hearing and argument. Defendants seek to be discharged lfom certain guaranty bonds entered into on or about April 6, 1987, by both Mr. Frank William Agnew, the father, and Mr. Michael Agnew, the son. Michael Agnew was at all relevant times the president of defendant corporation. William Agnew (also known as Frank) was a shareholder of the corporation at the relevant time but has since divested himself completely from the corporation. In 1992 William started the process of…