Keller v. Wilson & Co.

The Chancellor:

The question in this case is one of corporate power. The bill does not attack the fairness of the recapitalization. The sole contention is that the cor*15poration has no lawful power to destroy the preferential right of the Class A stock to its old dividend privilege. That the right to the preference in its future operation may be lawfully altered is not controverted by the complainants’ solicitors. Morris v. American Public Utilities Co., 14 Del. Ch. 136, 122 A. 696, 703, settles that question in favor of the power to effect the change.

The question here is whether the right to…