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CONNORS v. H. L. GAGE SALES, INC.

170 A.D.2d 852 (1991)

M. Virginia Connors, Appellant, v. H. L. Gage Sales, Inc., Respondent. (Action No. 1.) M. Virginia Connors, Individually and on Behalf of H. L. Gage Sales, Inc., Appellant, v. H. L. Gage Sales, Inc., et al., Respondents. (Action No. 2.)

Appellate Division of the Supreme Court of the State of New York, Third Department.

February 21, 1991

Weiss, J.

Following the death of Walter Connors, his estate and his widow contracted on November 28, 1984 with Theodore Hans and defendant H. L. Gage Sales, Inc. to sell his 100 shares of stock in that close corporation back to the corporation for the agreed sum of $375,000. After giving plaintiff $150,000 received from an insurance policy held by the corporation on Connors' life, cancellation of his $21,000 personal loan and effecting certain other adjustments...

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