Rennie v. Pentagon Refining Co.

The defendant herein is a Michigan corporation with authorized preferred stock in the amount of $125,000 in shares of the par value of $10 each, and 100,000 shares of no par stock. The Michigan securities commission authorized the sale of 9,770 shares of preferred stock and 39,080 shares of no par stock in units of one share of the preferred stock and four shares of the no par stock at a price of $10 per unit, such authorization being upon certain conditions imposed by the order of the commission. Thereupon the defendant entered into a contract with Norman Berry & Company, a Michigan…