Bronson v. Bagdad Copper Corp.

Seitz, Chancellor:

By his complaint plaintiff seeks an adjudication that he is the equitable owner of certain shares of stock of the defendant corporation which it now purports to hold as treasury stock. Defendant has moved to dismiss the complaint for failure to state a claim and this is the decision thereon.

In early 1927, plaintiff suggested to Arizona Bagdad Copper Company (“Arizona Bagdad”) a scheme by which Arizona Bagdad could raise money to develop its unexploited copper properties. This resulted in a proposal submitted by plaintiff to Arizona Bagdad which was later incorporated in an…