Elward v. Peabody Coal Co.

JUDGE BURKE

delivered the opinion of the court.

Joseph F. Elward, for himself and in a representative capacity, filed his second and amended supplemental complaint (hereinafter called the complaint) against Peabody Coal Company, an Illinois .corporation, and its seven directors for a declaratory decree that a stock option is invalid, injunctive relief and discovery. He appeals from an order dismissing the complaint on defendants’ motion that it is substantially insufficient in law.

The capital stock consists of 562,608 shares of prior preferred 5% cumulative $25 par, convertible into common…