November 30, 1981; Reargument Denied April 1, 1982.
Sandor Engel, Allentown, for appellant.
James F. Menconi, Tamaqua, did not file a brief on behalf of appellee.
Before Cavanaugh, Hester and Van der Voort, JJ.
In this case, the Husband, John Boni, has appealed an order of the Court of Common Pleas of Carbon County, of March 12, 1980, which requires the Husband to pay $475.00 per week for the support of his Wife, Rose Boni, and their four minor children. The order also requires the Husband to continue to pay the mortgage, insurance, taxes, and repairs for the parties' jointly-owned residence, at which the Wife is living.
The parties were married in 1963 and separated in September of 1978. The Wife is unemployed and is a full-time homemaker. She owns an apartment house in New York which was purchased for $80,000, but apparently produces no income.
The Husband is a one-half owner and manager of a sewing contracting business, known as Pam Sportswear. He formerly owned this Company with his brother-in-law (Wife's sister's husband); but, because of the family strains resulting from the separation, Husband bought out his brother-in-law's one-half interest in September of 1979.
The parties each own a one-quarter interest in a horse farm known as Mahoning Valley Stables, which the lower court valued at $175,000.00. The lower court valued the jointly-owned residence at $99,000.00, based upon its initial cost plus the cost of improvements.
In order to buy out his brother-in-law, the Husband borrowed money from other third persons; and, in exchange, issued to those persons 50% of the stock of the Company. The lower court valued the Husband's then present 50% interest in the Company at $138,000.00, which is what Husband paid to buy out his brother-in-law on September 30, 1979. The lower court stated:
"Because this was a bona fide, arms length transaction between equal partners, the money paid out by the [Husband] to [the brother-in-law], in the Court's opinion, accurately demonstrate(s) the fair market value of the [Husband's] 50% interest in the corporation and we so found."
Husband owns at least a one-half interest in the property upon which the sewing factory is located, which the lower court valued, including renovations and improvements, at $370,000.00.*fn1 Accordingly, the lower court valued Husband's interest in this property at $185,000.00.
The lower court concluded that, as of the hearing date, the Husband had a net worth of $433,251.00, itemized as follows:
Pam Sportswear, Inc.-50% stock
Weissport factory property-1/2