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On October 1, 1992, the district court issued its opinion in
Lange v. Lange, Equity No. 23300. This ruling was appealed to
the Iowa Supreme Court, which held that the agreement, whereby
Elmer's estate was to sell 600 shares to petitioner, should be
enforced. The Iowa Supreme Court also held that the district
2(...continued)
WHEREFORE, Jean W. Lange and Gene C. Lange pray
for a declaration that (i) the agreement for the sale
of 600 shares of Madison Holding Co. preferred stock is
valid and enforceable; (ii) the Estate of Elmer F.
Lange is and continues to be a stockholder of Madison
Holding Co., subject to the redemption by Madison
Holding Co. with respect to 1,054 common shares and
1,750 of the preferred shares, and further subject to
Jean W. Lange's contract rights with respect to an
additional 600 preferred shares; (iii) the stock
certificate forms signed by Beth Thomas Lange pur-
portedly as President of Madison Holding Co. are of no
force or effect; (iv) the noticed redemption of 1,054
common shares and 1,750 preferred shares is valid;
(v) the consideration for the 2,000 shares of common
stock was adequate and said issuance was consistent
with the rights of all concerned; and (vi) all the
rights of Madison Holding Co., Jean W. Lange, and Gene
C. Lange under the bylaws are valid and enforceable;
and such other further relief as may be equitable in
the premises; and for the costs of this action.
COUNT II: SPECIFIC PERFORMANCE
* * * * * * *
WHEREFORE, Jean W. Lange and Gene C. Lange pray
for specific performance of the redemption of stock by
Madison Holding Co. from the Estate of Elmer F. Lange;
and further pray that counterclaim defendants Beth
Thomas Lange, Mary Beth Williams and Martha Jane Lange
be required to take all steps necessary to cause the
Estate of Elmer F. Lange to perform the agreement for
the sale [of] 600 shares of Madison Holding Co. pre-
ferred stock; and for such other further relief as may
be equitable in the premises; and for the costs of this
action.
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