(Download) "Estate of Kern v. Handelsman" by Illinois Appellate Court — First District (5Th Division) Reversed and Remanded # eBook PDF Kindle ePub Free
eBook details
- Title: Estate of Kern v. Handelsman
- Author : Illinois Appellate Court — First District (5Th Division) Reversed and Remanded
- Release Date : January 17, 1983
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
This is an appeal from an order granting respondents summary judgment (Ill. Rev. Stat. 1981, ch. 110, par. 2-1005(c)) in an action brought by the executrix of the estate of Norman Kern (petitioner) to recover money allegedly due under a contract between the decedent and respondents. We reverse. Norman Kern was the sole shareholder and principal officer of Kern Option Company, Inc. (Kern Option), a corporation engaged in the stock options clearing business. In June 1976, Kern sold his company to Richard A. Handelsman (Handelsman), Alan M. Resser (Resser) and Richard D. Kushnir (Kushnir) for $700,000; $200,000 was paid in cash for the capital stock of the corporation and the remaining $500,000 was to be paid over the next five years pursuant to a Consulting and Non-Competition Agreement (the Agreement) with Kern Option. The pertinent sections of that Agreement will be explained in part as necessary.