Van Cleef v. Aeroflex Corporation

657 F.2d 1094 Ann VAN CLEEF and William H. Brophy, Personal Representatives of the Estate of Hubert O. Merryweather, Plaintiffs-Appellants, v. The AEROFLEX CORPORATION, a New York Corporation, Defendant-Appellee. No. 79-3320. United States Court of Appeals, Ninth Circuit. Argued and Submitted April 16, 1981. Decided Oct. 1, 1981. William Lee McLane, Phoenix, Ariz., argued, for plaintiffs-appellants; Nola McLane, McLane & McLane, Phoenix, Ariz., on brief. Terry Fenzl, Phoenix, Ariz., for defendant-appellee. Appeal from the United States District Court for the District of Arizona. Before TUTTLE, * DUNIWAY and ANDERSON, Circuit Judges. TUTTLE, Circuit Judge: 1 Van Cleef and Brophy, personal representatives of the estate of Hubert Merryweather and nominal plaintiffs 1 in the diversity action for breach of contract, appeal from a jury verdict for defendant Aeroflex. I. FACTS 2 In 1962, Hubert Merryweather was the owner of 50% (5997 shares) of the outstanding shares of Baca Float Ranch, Inc., an Arizona corporation. 2 On September 19, 1962, Hubert borrowed $450,000 from Arno Dalby, pledging his stock interest in Baca Float Ranch as security for the loan. 3 Hubert's siblings, George…