Hyams v. Old Dominion Copper Mining & Smelting Co.
New Jersey Court of Chancery
On final hearing on bill, answer, replication and proofs. The facts presented in this ease are substantially the same as those dealt with by Vice-Chancellor Stevenson in the case of Pieres v. Old Dominion Copper Mining and Smelling Co., 67 N. J. Eq.
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On final hearing on bill, answer, replication and proofs. The facts presented in this ease are substantially the same as those dealt with by Vice-Chancellor Stevenson in the case of Pieres v. Old Dominion Copper Mining and Smelling Co., 67 N. J. Eq. (1 Robb.) 399. The Old Dominion Copper Mining and Smelting Company, the defendant in this suit, was organized under the laws of this state on July 8th, 1895. Its original authorized capital stock was $3,750,000. This was afterwards increased to $5,000,000, of which shares of the aggregate par value of $4,050,000 were issued and outstanding at the…
1Opinion of the Court
Howell, V. C.
It is now proposed by the defendant and its directors to pay to its stockholders a dividend of $10 per share, giving to each his proper proportion thereof, from the funds which have been called the “segregated, assets” of the company, and which consist very largely of the moneys recovered by the enforcement of the decrees against Bigelow. Such a dividend will require the sum oí $1,620,000, some $300,000 less than the amount collected to this date upon the decrees. It is objected that the Bigelow money is capital and not surplus, and that to distribute it to the stockholders in…
2Cited by14 opinions
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