O'BRIEN v. United Home Life Insurance Co.
| Decision Date | 02 January 1958 |
| Docket Number | No. 13186.,13186. |
| Citation | 250 F.2d 483 |
| Parties | M. E. O'BRIEN, Appellant, v. UNITED HOME LIFE INSURANCE COMPANY OF INDIANAPOLIS, INDIANA, an Indiana corporation, Appellee. |
| Court | U.S. Court of Appeals — Sixth Circuit |
Isaac M. Smullin, Detroit, Mich., O'Brien & Nertney and Stanford M. Rubach, Detroit, Mich., on brief for appellant.
David Barnett, Detroit, Mich., George Hogg, Jr. (of Fischer, Sprague, Franklin & Ford), Detroit, Mich., James K. Northam (of Myers, Northam & Myers), Indianapolis, Ind., on brief, for appellee.
Before ALLEN, McALLISTER and STEWART, Circuit Judges.
Appellant brought an action for specific performance of a contract to require appellee company to transfer to him 1,960 shares of its stock, plus cash and stock dividends, in consideration of the payment by appellant to appellee company of $5.00 per share for such stock. Appellant claimed that his contract with appellee was an agreement in which the company sold him the stock in question. The district court held that appellant had never agreed to purchase the stock; that the agreement constituted, not a contract on the one hand to sell, and on the other, to buy, but that it was only an option to purchase stock, which did not obligate appellant to purchase. The court further held that, because of the conditions in the agreement, appellant failed to establish a cause of action and, accordingly, dismissed the complaint.
In its findings of fact and conclusions of law, the district court found that the parties had entered into two contracts — one a contract of agency employment, and another agreement in which the company had agreed to sell its stock to appellant at $5.00 per share, subject to certain conditions, one of which was that appellant would hold such stock for three years following receipt thereof, or that if he desired to sell it within that period, he would resell it to appellee for $5.00 per share. The court further found that the company agreed that appellant could sell 300 shares of such stock within the three-year period at the current market value as of the date of sale, and that appellant had purchased only 40 shares of the company stock at $5.00 per share and had resold such shares on the open market.
It further appeared that, among the conditions of the contract with respect to the stock, it was agreed that if the contract of agency employment executed between the parties should be terminated within three years from date thereof, appellant would...
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Heyman v. Kline, Civ. No. B-12.
...a separately executed stock option agreement. O'Brien v. United Home Life Insurance Co., 147 F.Supp. 761 (E.D.Mich.1957), aff'd, 250 F.2d 483 (6 Cir. 1958). Finally, it should be noted that the Court's power to decree that Kline is not entitled to claim any interest in the Tampa property do......
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...employed by the optionor in the agreement. O'Brien v. United Home Life Insurance Co., 147 F.Supp. 761 (E.D.Mich.1957), aff'd 250 F.2d 483 (6th Cir. 1958). For a review of the related cases adhering to the vested rights' theory, see Lucas v. Seagrave Corporation, 277 F.Supp. 338 It is our co......
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Hilgenberg v. Iowa Beef Packers, Inc.
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