Opinion ID: 1300767
Heading Depth: 1
Heading Rank: 2

Heading: additional pertinent facts

Text: Michael Reynolds and his father, H.G. Reynolds, are business associates. Both were involved in the Reynolds Insurance Agency. Both worked in the same office. H.G. Reynolds worked as a real estate broker and his son, Michael, was in the insurance business. Michael Reynolds testified that he knew Agri-Business was delinquent in its yearly contract for deed payment. He further testified that he occasionally conferred with his father concerning renegotiation of the contract. And very importantly, the son testified that he was involved in discussions regarding decisions on offers and counter-offers made by Agri-Business during its renegotiation attempts. Knowing the corporation was insolvent and in defaultknowing where the funds were going which he paid to the corporation for the leaseknowing that he was the president of this corporationhe dealt directly with the corporationmaking himself a tenant farmer. This was inside dealing. The trial court would not countenance such a dealing, nor shall we.