Hoyt v. E. I. du Pont de Nemours Powder Co.

Backes, V. C.

This bill is to restrain the use of corporate assets to retire capital stock, in impairment of the rights of bondholders. Bound figures and approximate sums will be used to explain the controversy. The defendant, the New Jersey-du Pont Company was a holding company until 1906, when it began manufacturing explosives and allied products. In that year it made a four and one-half per cent., thirty-year gold bond issue of $16,000,-000, secured by a trust deed, imposing

“a charge in favor of the trustee upon all its present and future property, including- all its lands, plants,…