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Corporations - Fiduciary Relation Of Directors - Purchase Of Stock For Company
Corporations - Fiduciary Relation Of Directors - Purchase Of Stock For Company
Michigan Law Review
A company needed a block of stock offered to it in order to acquire certain patent rights. The finances of the company were insufficient to effect the purchase. The board of directors accepted the offer for the company with the understanding that the directors would acquire the stock individually and turn over to the company the needed patent rights. After bankruptcy, the trustee of the company sued to recover profits realized by the directors from a sale of the stock. Held, the inability of the company to purchase the stock itself does not relieve the directors from liability for …
Liability Of A Trustee: Balancing Gains Against Losses, Benjamin Harris Jr.
Liability Of A Trustee: Balancing Gains Against Losses, Benjamin Harris Jr.
Kentucky Law Journal
No abstract provided.