Wheatley v. A. I. Root Co.

The parties to this, action agree that the purpose and object of the proposed “plan of recapitalization,” among others, was the alteration of the original agreement made by the corporation with the preferred shareholders, which agreement, incorporated, in both the articles of incorporation and the certificates of shares, provided that the holders of such preferred shares were entitled to receive dividends on such shares of five per cent per annum annually out of the surplus profits of the company for each year, in preference to all other shareholders, and that such dividends should be…