Stuart Waterstone Forum Index Stuart Waterstone

 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

ASSIGNMENT DUE Thursday 4/13/17

 
Post new topic   Reply to topic    Stuart Waterstone Forum Index -> Notes
View previous topic :: View next topic  
Author Message
Waterstone
Site Admin


Joined: 31 Jan 2005
Posts: 171

PostPosted: Wed Apr 05, 2017 10:26 am    Post subject: ASSIGNMENT DUE Thursday 4/13/17 Reply with quote

Genie, Inc. was was incorporated to manufacture faux Persian rugs. Genie's articles authorize issuance of 1,000 shares of stock. The corporation issued its first 500 shares at a price of $1K each. Bellows approached Mink, a member of the Board of Genie and offered to sell to the corporation his carpet manufacturing facility in exchange for 500 shares of Genie stock. Although a six-month-old appraisal found the property to be worth $400,000, other factors made the Board believe the property to be worth more, so they agreed to the transaction. One of Genie's shareholders thinks facility was not sufficient consideration and brings suit to have the issuance to Bellows declared invalid. Who will win the lawsuit?
Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic    Stuart Waterstone Forum Index -> Notes All times are GMT - 8 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by phpBB © 2001, 2005 phpBB Group