Torres v. Speiser
Supreme Court of New York, Appellate Division
701 N.Y.S.2d 360 (2000)
Relevant factsFree
Torres (plaintiff) sold his existing minority shares to fellow shareholder Speiser (defendant) in exchange for Speiser's promise to help establish a new business and future corporation whose stock would be divided between them; Torres later argued the sale was invalid because the price was below par value, and moved for partial summary judgment, which the lower court denied.
IssueFree
Whether existing shareholders are prohibited from reselling shares among themselves for less than par value or before the full purchase price is paid.