Pacific States Savings & Loan Co. v. Santa Barbara Biltmore Corp.

GOULD, J., pro tem.

This contest between plaintiff as a minority holder of about 27 per cent and interveners as majority holders of about 51 per cent of defaulted bonds of an issue of $1,250,000 upon the hotel properties of the Santa Barbara Biltmore Corporation presents facts strictly analogous to, and a trust indenture almost identical with that involved in Pacific States etc. Co. v. Hollywood Knickerbocker, Inc., 11 Cal. App. (2d) 56 [52 Pac. (2d) 1014]. There, as here, the trial court held under the terms of the trust indenture considered as a whole the majority bondholders were *753given…