Diamond State Brewery, Inc. v. de la Rigaudiere

The Vice-Chancellor :

Complainant’s case is that certain shares of its capital stock now owned by respondents were illegally issued without sufficient consideration and should therefore be cancelled. Defendants deny illegality in the original issuance, and assert that in any event, as to most of the shares, they were bona fide purchasers *260for value without notice of any infirmity, and that the stock should not be cancelled.

Complainant was incorporated under the laws of Delaware on April 7, 1933. Its name, New Jersey-Delaware Brewing Company, was later changed to Diamond State Brewery, Inc. On…