Malone v. Lancaster Gas Light & Fuel Co.
Supreme Court of Pennsylvania
Appeal, No. 197, Jan. T., 1897, by plaintiff, from decree of C. P. Lancaster Co., Equity Docket, No. 8, p. 103, dismissing bill in equity. Stockholders’ bill in equity for an injunction to restrain a corporation from issuing stock and bonds.
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Appeal, No. 197, Jan. T., 1897, by plaintiff, from decree of C. P. Lancaster Co., Equity Docket, No. 8, p. 103, dismissing bill in equity. Stockholders’ bill in equity for an injunction to restrain a corporation from issuing stock and bonds. The averments of the bill sufficiently appear in the opinion of the court below, Brubaker, J., which is as follows : The court finds the following facts as adduced from the testimony : 1st. The plaintiff is a stockholder of the said the Lancaster Gas Light and Fuel Company, hereinafter called the Gas Company, holding three hundred and twenty shares of the…
1Opinion of the Court
Opinion by
Mr. Justice Mitchell,
There is very little contest in this case over the facts or the law, the real controversy turning on the inferences to be drawn from the facts proved. It is a stockholder’s bill to enjoin the issue of new stock and the increase of the corporation’s bonded indebtedness, upon two grounds, first, that the increase is not in good faith for the purposes and in the interest of the corporation, but in pursuit of a scheme to acquire control of the corporation and run it in the interest of a rival; and secondly, that *321the new debt is to be created for the purchase of…
2Cases cited2 opinions
- Watts's AppealSupreme Court of Pennsylvania · 1874
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