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FIRST NAT. BANK v. PERFECTION BEDDING CO.

No. 80-7111 Summary Calendar.

631 F.2d 31 (1980)

The FIRST NATIONAL BANK OF BIRMINGHAM et al., Plaintiffs-Appellees, v. PERFECTION BEDDING CO., etc., Defendant-Appellee. Fred M. JACKSON, III, et al., Defendants, Mrs. R. L. Ezelle, Sr. and Mrs. George B. (Annie Mossiss Ezelle) Pickett, etc., et al., Plaintiffs-Appellants, v. NATIONAL MATTRESS CO., etc., Defendant-Appellee.

United States Court of Appeals, Fifth Circuit. Unit B

November 17, 1980.

Attorney(s) appearing for the Case

Watkins, Pyle, Ludlam & Stennis, L. Arnold Pyle, Jackson, Miss., Johnson, North, Haskell & Slaghter, James L. North, Birmingham, Ala., for appellants.

Cabaniss, Johnston, Gardner, Dumas & O'Neal, David B. Anderson, L. Vastine Stabler, Jr., Meade Frierson, III, Birmingham, Ala., for First National Bk. of Birmingham.

Bradley, Arant, Rose & White, Birmingham, Ala., Thad G. Long, Robert E. Emerson, Huntington, W. Va., for National Mattress Co., and Perfection Bedding Co.

Before RONEY, FRANK M. JOHNSON, Jr. and HENDERSON, Circuit Judges.

FRANK M. JOHNSON, Jr., Circuit Judge:

In 1976, Perfection Bedding Company [Perfection], an Alabama corporation, was in serious financial straits with an unaudited net worth of approximately $704.04. In June, 1976, its president, Fred M. Jackson, received an offer for Perfection's stock from National Mattress Company [National], a West Virginia corporation. Perfection's stock was eventually sold to National for $162,000 and was transferred by a Stock Purchase Agreement...

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