CASE, Judge.
This is an appeal from a judgment of the trial court, sitting without a jury, in favor of defendants-appellees and against plaintiffs-appellants.
Prior to 3 March 1962, Penguin Motor Hotel, Inc., an Arizona corporation (hereinafter referred to as Penguin), was formed with thirteen original incorporators. The corporation, with the intention of establishing a motel thereon, obtained real estate leases on certain real property located in Dona Ana...
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