1. Michael Ferns incorporated Erin Homes, Inc., to manufacture mobile homes. He issued himself a stock...

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1. Michael Ferns incorporated Erin Homes, Inc., to manufacture mobile homes. He issued himself a stock certificate for 100 shares for which he made no payment. He and his wife served as officers and directors of the organization, but, during the eight years of its existence, the corporation held only one meeting. Erin always had its own checking account, and all proceeds from the sales of mobile homes were deposited there. It filed federal income tax returns each year, using its own federal identification number. John and Thelma Laya paid $17,500 to purchase a mobile home from Erin, but the company never delivered it to them. The Layas sued Erin Homes and Michael Ferns, individually. Should the court "pierce the corporate veil" and hold Ferns personally liable?