Franklin Process Co. v. Western Franklin Process Co.

Mr. Justice Denis E. Sullivan

delivered the opinion of the court.

A suit was commenced in chancery under ‘1 The Business Corporation Act” to liquidate the assets and business of defendant, Western Franklin Process Company. The liquidation has been completed and all creditors, except plaintiff, have received a 53 per cent dividend.

The controversy is whether plaintiff shall share equally in defendant’s assets with other creditors. Plaintiff is both defendant’s largest creditor and majority shareholder. The parties principally interested in this appeal are plaintiff and defendant’s other creditors.