Fed. Sec. L. Rep. P 95,524 Oscar Gruss, and Oscar Gruss & Son v. The Curtis Publishing Company

FRIENDLY, Circuit Judge:

This action, in the District Court for the Southern District of New York, arises from a plan of recapitalization adopted by defendant The Curtis Publishing Company (Curtis), a Pennsylvania corporation, at an annual meeting of shareholders on September 14,1972. Curtis’ capitalization had consisted of $7,485,000 of Subordinated 6% Income Debentures due October 1,1986, bearing $2,470,000 of accrued interest; 334,470 shares of $4 Prior Preferred Stock on which $10,034,100 of cumulative dividends were unpaid as of May 1, 1972; 239,418 shares of $1.60 Prior Preferred Stock…