PHILADELPHIA – The counsel for the estate of a woman alleges the redemption of a Folcroft company's stock is voided because it is untimely.
Estate of Marie Tomei, deceased by the executor ad litem James Flandreau, filed a complaint on Feb. 14 in the U.S. District Court for the Eastern District of Pennsylvania against H&H Manufacturing Co. Inc. seeking declaratory judgment.
According to the complaint, Delaware County Court of Common Pleas ruled November 2017 that Tomei's estate owned 1,000 shares of H&H common stock. The suit states the defendant sent a cashier's check for $16,117.15 to the estate for compensation of the shares in January and cited the company's right of redemption according to a 1969 agreement.
The plaintiff alleges that acceptance of the redemption offer is untimely and that the shares of stock are now free of restrictions.
The plaintiff seeks declaration that the estate is the owner of 1,000 shares of stock free of restrictions and that the redemption of the stock is void pursuant to a 1969 agreement.
It is represented by Joseph M. Fioravanti in Media.
U.S. District Court for the Eastern District of Pennsylvania case number 2:18-cv-00641-PD