Zimmerman v. Tide Water Associated Oil Co.

This is an action to compel distribution in kind on the dissolution of a corporation. For convenience, the defendants will be referred to, respectively, as Tide Water and West Coast. West Coast owned land in Orange County on which were some producing oil wells. At all times in question it had no issued common stock and its entire capital stock consisted of 10,408 shares of preferred stock with a par value of $60 per share. Tide Water owned 8,434 shares of this stock and 150 shares were owned by the plaintiff.

On September 30, 1940, Tide Water and West Coast entered into a written agreement…