Scully v. Automobile Finance Company
Court of Chancery of Delaware
Injunction Bill. The complainants, being the owners of shares of the preferred stock of the Automobile Finance Company, and claiming, to be entitled to other shares of the preferred stock and portions of the common stock of said company, seek to restrain the Central Security Company from voting or in any manner disposing of the entire authorized issue of common stock of the Automobile Finance Company, which is alleged to have been illegally issued to the Central Security…
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Injunction Bill. The complainants, being the owners of shares of the preferred stock of the Automobile Finance Company, and claiming, to be entitled to other shares of the preferred stock and portions of the common stock of said company, seek to restrain the Central Security Company from voting or in any manner disposing of the entire authorized issue of common stock of the Automobile Finance Company, which is alleged to have been illegally issued to the Central Security Company, and seek also a cancellation of the shares of common stock issued to Central Security Company and an accounting…
1Opinion of the Court
The Chancellor.
'A demurrer has been filed by each of the two defendants to the bill. By the bill it/appears that a group of men organized two corporations under the laws of Delaware, corporation A, with an authorized capital of $400,-000, one-half preferred stock, with no right to vote and one-half common stock with voting power; and corporation B, with $5,000 capital. Corporation A was organized chiefly to loan money to persons desiring to purchase automobiles, title to the cars to be taken as security for advances. The purpose was that B should be and was a holding company and A the active…
2Cases cited7 opinions
- Pollitz v. . GouldNew York Court of Appeals · 1911
- Ellis v. Penn Beef Co.Court of Chancery of Delaware · 1911
- Yetter v. Delaware Valley RailroadSupreme Court of Pennsylvania · 1903
- Tooker v. National Sugar Refining Co.New Jersey Court of Chancery · 1912
- Cuba Colony Co. v. KirbyMichigan Supreme Court · 1907
2 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Rosenthal v. Burry Biscuit Corp.Court of Chancery of Delaware · 1948
- Cahall v. LoflandCourt of Chancery of Delaware · 1921
- Peters v. United States Mortgage CompanyCourt of Chancery of Delaware · 1921
- Bennett v. Breuil Petroleum Corp.Court of Chancery of Delaware · 1953
- Bennett v. Breuil Petroleum Corp.Court of Chancery of Delaware · 1953
5 more not listed; retrieve them via the Exa API.