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ALFORD v. DIVERSIFIED SYSTEMS, INC.

No. 84-CA-1012.

479 So.2d 497 (1985)

E. Reed ALFORD, Lillian R. Alford, and Alford Safe & Lock Co., Inc. v. DIVERSIFIED SYSTEMS, INC. et al.

Court of Appeal of Louisiana, First Circuit.

November 19, 1985.

Attorney(s) appearing for the Case

Donald R. Weber and David L. Dawson, Baton Rouge, for plaintiffs-appellants E. Reed Alford, Lillian R. Alford and Alford Safe & Lock Co., Inc.

R. Loren Kleinpeter, Baton Rouge, for defendants-appellees Diversified Systems, Inc., Robert E. Stewart and Alford Alarm Protection Service, Inc.

Before EDWARDS, LANIER and JOHN S. COVINGTON, JJ.

EDWARDS, Judge.

Alford Alarm & Protection Service, Inc., issued debentures to plaintiffs in December, 1975, with a maturity date of September, 1985. The company was liquidated non-judicially in August, 1979, when it was wholly owned by defendant, Diversified Systems, Inc. The liquidation consisted of the transfer of the company's entire assets to Diversified.

Plaintiffs sued Diversified in January, 1984, claiming the liquidation had caused the debentures...

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