J.M. Thompson Co. v. Doral Manufacturing Co. Book Reviews

J.M. Thompson Co. v. Doral Manufacturing Co. by Court of Appeals of North Carolina Book Summary

The facts of this case arise out of a stock purchase agreement between Howard Freese (the "plaintiff") and George Smith (the "defendant") for shares in E. J. Smith & Sons Company ("EJS"), a company owned almost exclusively by defendant. EJS was a wholesale distributor of turf maintenance and irrigation equipment. However, in 1987, EJS was in financial difficulty and the defendant began to seek new capital for EJS. Defendant employed the services of Ronald Norelli to conduct a strategic feasibility study. It was the opinion of Mr. Norelli that EJS needed an infusion of $1.5 million in capital to survive, and contrary to the defendants plan the irrigation division of EJS should not be sold to defendants son. Mr. Norelli also recommended that if EJS did not receive the $1.5 million infusion of capital then an orderly dissolution of EJS would be necessary. Unhappy with these recommendations, defendant discharged Mr. Norelli and hired the Finley Group for further consultation. Late in 1987, seeking to generate more capital for EJS, Tim Finley of the Finley Group approached plaintiff to see if he was interested in investing in EJS. After doing extensive independent research, plaintiff invested $250,000 in EJS in February of 1988 in exchange for a 45% ownership interest in the company and assumed the duties of President of EJS.

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