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CLARK v. COWART

82-731.

445 So.2d 884 (1984)

Hoyt CLARK and Wallace Coile v. John Michael COWART and David F. Byers, et al.

Supreme Court of Alabama.

January 20, 1984.

Attorney(s) appearing for the Case

William E. Bright, Jr., Birmingham, for appellants.

Richard H. Walston of Bradley, Arant, Rose & White, Birmingham, for appellee William Smith.

William J. Baxley and Charles A. Dauphin of Baxley, Beck, Dillard & Dauphin, Birmingham, for appellees.

SHORES, Justice.

Hoyt Clark and Wallace Coile, defendants, appeal from a decree voiding the issuance to them of stock in Birmingham Motel Associates, Inc. (Motel), and reapportioning shares of stock held by the remaining shareholders. We affirm.

Clark and Coile are involved in the business of motel syndication and sales. They and William Smith formed Birmingham Motel Associates for the purpose of purchasing the Birmingham Airport Motel. The purchase price...

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