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SPEARS v. RICH

Nos. 5-6040, 5-6064.

486 S.W.2d 1 (1972)

James R. SPEARS and Spears Construction Co., Inc., Appellants, v. John W. RICH et ux., Appellees. John W. RICH et ux., Appellants, v. James R. SPEARS and Spears Construction Co., Inc., Appellees.

Supreme Court of Arkansas.

Rehearing Denied November 20, 1972.

Attorney(s) appearing for the Case

Thomas E. Sparks, Fordyce, Wright, Lindsey & Jennings, Little Rock, for appellants.

Gaughan, Laney, Barnes, Roberts & Harrell, Camden, for appellees.

BROWN, Justice.

John W. Rich and wife, Audrey E. Rich, initiated this action against James R. Spears and Spears Construction Co., Inc., to establish their alleged ownership of a substantial amount of stock in the corporation. Spears contended that he was the sole owner and that the Riches were each issued one share of qualifying stock solely for the purpose of incorporation. The chancellor held that the Riches own 49% of...

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