Newman Machine Co. v. Newman
North Carolina Supreme Court
166 S.E.2d 63 (1969)
George Newman, Jr. (defendant) owned stock in the Newman Machine Co. (the Company) (plaintiff) and sold that stock to the Company in 1959. In 1965, Newman began investigating whether the stock had been undervalued. Newman concluded that the price paid for the shares was grossly inadequate and threatened to sue. He continued these threats for almost two years and seriously jeopardized the Company’s corporate existence. The Company sued Newman in a quiet title action to settle the controversy. Newman moved to dismiss the lawsuit. The trial court denied the motion to dismiss, and Newman appealed to the North Carolina Court of Appeals, which reversed. The Company appealed to the North Carolina Supreme Court.
Rule of Law
Holding and Reasoning (Huskins, J.)
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