Appeal, No. 231, Jan. T., 1957, from judgment of Court of Common Pleas of Lehigh County, Jan. T., 1955, No. 302, in case of Penn-Allen Broadcasting Company v. S. W. Traylor, Jr. Judgment affirmed.
Orrin E. Doyle, with him Claude T. Reno and Martin J. Coyne, for appellant.
Harry A. Dower, with him James D. Christie, Eugene K. Twining, and Perkin, Twining & Dower, for appellee.
Before Jones, C.j., Bell, Chidsey, Musmanno, Arnold, Jones and Cohen, JJ.
OPINION BY MR. JUSTICE MUSMANNO
The plaintiff, Penn-Allen Broadcasting Company, brought an action in assumpsit in the Court of Common Pleas of Lehigh County against S. W. Traylor, Jr., to recover the sum of $47,547.50 due on a subscription agreement executed by him. Traylor denied liability, averring certain defenses which will hereinafter be discussed. The case came on for trial and the Court directed
a verdict for the plaintiff in the amount sued for, plus interest. Upon refusal of the Court below to enter judgment n.o.v., or order a new trial, the defendant appealed.
In order clearly to understand the questions raised on appeal it is necessary to quote verbatim the agreement which the defendant signed on October 17, 1952. It here follows:
PENN-ALLEN BROADCASTING COMPANY
I hereby subscribe to 715 units of your capital stock, consisting of 1430 shares of Common and 3375 shares of Class A Common, from Offering Circular dated October 7, 1952, at the subscription price of ten dollars ($10.00) per share, and hand you herewith $2502.50 dollars ($2502.50), representing five percent (5%) payment on account of such subscription, the balance of the subscription to be payable on call of the Board of Directors after such time and provided that, the Company is granted a television Construction Permit by the Federal Communications Commission, and provided that not less than thirty (30) days' notice of such call shall be given. It is expressly and definitely understood that in the event a Construction Permit for a television station is not granted by the FCC to the Company, the remaining ninety-five percentum (95%) of the total subscription price for shares of Class A Common Stock and ...