Oscar L. Altman v. Central of Georgia Railway Company

McGOWAN, Circuit Judge:

In an action to compel the payment of dividends, the District Court, on cross-motions for summary judgment, ruled that the claim was no longer maintainable because of the supervening circumstance of an Interstate Commerce Commission order approving a corporate consolidation and, as an incident thereof, providing compensation, as required by the Interstate Commerce Act, for the just and reasonable value of the minority shares. The District Court purported to follow authoritative doctrine heretofore formulated by the Supreme Court in this precise statutory context. We…