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Corporations - Identity As Basis For Enforcing Contract Of Predecessor Against Successor - Fraud
Corporations - Identity As Basis For Enforcing Contract Of Predecessor Against Successor - Fraud
Michigan Law Review
The stockholders and officers of the Old South Engraving Company, wishing to escape a contract whereby that corporation was bound to hire only union labor, organized the Old South Photoengraving Corporation which purchased the business of the Engraving Company, giving therefor 9,000 of the issue of 12,000 no-par shares and issuing the rest to the stockholders of the Engraving Company in proportion to their holdings therein. It was announced that the Engraving Company would cease operating Saturday, June 4, and employees were given due notice. On Monday, June 6, the new company began operating at the same location with non-union …