Shannon D. Mullins - Page 5

                                        - 4 -                                         
          didn’t mow the grass.  I didn’t pull in the parking lot.  I                 
          didn’t embalm a body, nothing whatsoever”.                                  
               By the fall of 2001, petitioner still had not received any             
          payment of the purchase price from Mr. Taylor.                              
               On October 17, 2001, the parties entered into a written                
          agreement regarding the sale of petitioner’s stock (stock                   
          purchase agreement).1  According to the stock purchase agreement,           
          Mr. Taylor agreed to purchase petitioner’s shares of Edgington              
          Mullins stock for an aggregate sales price of $40,000 on an                 
          undefined “Closing Date”.  Attached to the stock purchase                   
          agreement was a letter from petitioner to Mr. Taylor, dated                 
          October 15, 2001, in which petitioner agreed to accept                      
          installment payments of the $40,000 purchase price, as follows:             
               $7,500 will [be] paid upon receipt of this letter with                 
               the balance payable when you have received financing                   
               for the payoff of Betty Edgington and myself.                          
               According to you, financing should be achieved within                  
               120 days of this letter.  Rolan, can we please put this                
               business matter to rest.  It would be in the best                      
               interest to both of us to do so.                                       

               1  The copy of the stock purchase agreement introduced into            
          the record was not signed by the parties.  Petitioner testified:            
          “As you can see, you do not see anything with Rolan Taylor’s                
          signature on it.  He was very difficult to deal with.  This                 
          dragged on for a very long time.  The deal was done.  He wouldn’t           
          sign anything.  Finally when I did get the monies, he said, ‘By             
          you signing this check, that makes our agreement -- I own your              
          interest in the funeral home’”.                                             

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  Next

Last modified: May 25, 2011