Hayes Mfg. Corp. v. McCauley

SIMONS, Circuit Judge.

The appellant sought in equity a decree for specific performance of an agreement for exchange of its stock for the stock of the McCauley Steel Propeller Company, wholly owned by the appellee. Met with or anticipating a defense that its own stock was neither delivered nor tendered within the time specified in the agreement, and that time was of its essence, the appellant filed an amended complaint reciting its inability to secure the qualification and listing of its shares as required, because of the financial condition of the Propeller Company, the diligence of its own…