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PRITCHARD v. WICK. (03/13/62)

March 13, 1962

PRITCHARD, APPELLANT,
v.
WICK.



Appeal, No. 30, Jan. T., 1962, from order of Court of Common Pleas of Delaware County, Sept. T., 1960, No. 2224, in case of John C. Pritchard v. Roberts S. Wick. Order affirmed.

COUNSEL

Raymond Pearlstine, with him Ralph B. D'Iorio, Morris Gerber, Charles Potash, and Wisler, Pearlstine, Talone and Gerber, and Hodge, Hodge and Cramp, for appellant.

James L. Rankin, with him Rankin & Rankin, for appellee.

Before Bell, C.j., Musmanno, Jones, Cohen, Eagen and O'brien, JJ.

Author: Eagen

[ 406 Pa. Page 599]

OPINION BY MR. JUSTICE EAGEN

John C. Pritchard, plaintiff in an action in equity, appeals from an order entered in the court below sustaining preliminary objections to the complaint in the nature of a demurrer.

In determining whether or not the action of the lower court is correct, all facts well pleaded in the complaint must be deemed to be true: Bonanni v. Weston Hauling, Inc., 392 Pa. 248, 140 A.2d 591 (1958). They may be summarized thusly: In November 1947 the plaintiff was an employee of the I.C.C. Loan Company, a Pennsylvania corporation. The defendant-appellee was the owner of all the then issued stock of said company,

[ 406 Pa. Page 600]

    consisting of fifty $100 par value shares, and also the stock of the Industrial Loan Company. In consideration of plaintiff's promise to remain in the employment of I.C.C., the defendant executed and delivered a written agreement wherein he granted certain options to the plaintiff in connection with the purchase of all of the defendant's stock in the companies above named.

The pertinent provisions of the contract were as follows:

"1. That the Optionor hereby gives to the Optionee, and the Optionee hereby accepts, the exclusive right to purchase, upon written demand made by the Optionee as hereinafter provided*fn1 all of the aforesaid shares of stock in the ICC Loan Company and the Industrial Consumer Discount Company at the book value of said stock as of the date of the exercise of the option herein granted.

"2. (a) That if the Optionor, at any time hereafter, shall decide to offer the said loan business for sale, before selling or attempting to sell the same to any person, or persons, or corporation, or corporations, he shall give written notice of such intention to the Optionee; and, thereupon, the Optionee may, within 30 days after the receipt by him of such notice, ...


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