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KING v. STEVENSON

Nos. 18027, 18028, 18195.

445 F.2d 565 (1971)

John M. KING, Plaintiff-Appellee and Plaintiff-Appellant, v. Ben T. STEVENSON, Defendant-Appellant and Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

June 21, 1971.

Attorney(s) appearing for the Case

Timothy G. Lowry, Owen Rall, Julius Fishman, Chicago, Ill., Herbert C. Loth, Jr., Chicago, Ill., for John M. King; Peterson, Lowry, Rall, Barber & Ross, Chicago, Ill., of counsel.

Walter E. Wiles, Edward J. Wendrow, Calvin Sawyier, Brian A. Loftus, Chicago, Ill., for defendant-appellant; Winston, Strawn, Smith & Patterson, Wiles, Johnson & Barrington, Chicago, Ill., of counsel.

Before MAJOR, Senior Circuit Judge, and FAIRCHILD and CUMMINGS, Circuit Judges.

CUMMINGS, Circuit Judge.

The principal question presented by these consolidated appeals concerns the validity of a February 16, 1966, appraisal of the market value of King Resources Company common stock at $16 per share as of November 21, 1965.

In 1955, John M. King and Ben T. Stevenson formed a partnership to explore for and develop oil and gas. A partnership agreement was executed as of January 1959, becoming a corporation as of May 1, 1959. This operating...

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