Binney v. Cumberland Ely Copper Co.
U.S. Circuit Court for the District of Maine
In Equity. Bill by William Binney, Jr., and others, against the Cumberland Ely Copper Company and another, to set aside a sale of certain mining properties of the Ely Company to the Nevada Company. On demurrer to bill. Sustained, and bill dismissed, with costs, unless complainants amend within a specified time and simultaneously pay costs to the time of amendment.
1Opinion of the CourtPutnam, Circuit Judge
(orally). This.is a bill brought to rescind the sale by the Ely Company to the Nevada Company of certain mining properties, at which sale there was received therefor in cash $7,-554,084.17. The bill makes no complaint that the price obtained was not a fair one for the time of the sale, or that the property could then have been sold for more money. It makes no complaint of fraud.
The bill was brought by holders of 330 shares out of 1,300,000. shares. Of that stock 1,271,117 shares were owned by the purchasing corporation, that is, the Nevada Company, leaving outstanding elsewhere 28,883 shares,…
2Cited by1 opinion
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