Wingate v. Bercut

STEPHENS, Circuit Judge.

Plaintiff-appellant as receiver in equity of Pacific Empire Holdings, Incorporated, a Delaware corporation, brought action against several California citizens to be declared owner and entitled to the possession of 78,358 shares of stock in Merchants Ice' & Cold Storage Company and to recover any profits made by defendants from their holding of such shares. - The shares in question represented a controlling interest in the stock of Merchants ice. Pacific Empire Holdings, by Maffei and Arnold its president and secretary respectively, agreed to transfer them for $35,000…