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BAXTER v. LANCER INDUS.

January 11, 1963

Clarence E. BAXTER, Plaintiff,
v.
LANCER INDUSTRIES, INC., Defendant



The opinion of the court was delivered by: ZAVATT

This is a motion by the plaintiff for summary judgment in an action to enforce a written agreement between the parties entered into on August 29, 1961 and providing as follows:

'Lancer Industries Inc.

'22 Jericho Turnpike,

 'Mineola, N.Y.

 'Executive Offices Pioneer 7-8255

 'August 29, 1961

 'Dr. Clarence E. Baxter 'Maple and East Street 'Coudersport, Pennsylvania 'Dear Dr. Baxter: 'In accordance with our understanding we have agreed to sell and you have agreed to purchase, 16,500 shares of the Common Stock of Lancer Industries, Inc. at $ 3.50 per share. We have advised you that we have a Registration Statement currently pending before the Securities and Exchange Commission and that we will amend said statement to include the 16,500 shares purchased hereunder and, in addition, the 3,000 shares previously purchased from Mr. George Langley. 'It is the consensus of opinion of corporate counsel that this Registration Statement will become effective within ninety days of this date, thereby making the stock registered and free trading. 'In the event that this Registration Statement is not effective within the time set forth above, we guarantee, at your request, to repurchase the above mentioned shares of stock from you at your cost. You acknowledge that the shares purchased by you are unregistered shares and simultaneously with the purchase thereof, you have agreed to execute the enclosed investment letter.

 'Yours very truly, 'LANCER INDUSTRIES, INC. '(s) Benjamin Tessler, President. 'ACCEPTED: '(s) Clarence E. Baxter 'Clarence E. Baxter'

 On November 17, 1961 plaintiff received the following letter from defendant's President:

 'Lancer Industries Inc.

 '22 Jericho Turnpike,

 'Mineola, N.Y.

 'Executive Offices Pioneer ...


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