Wheeler v. Pullman Iron & Steel Co.
Appellate Court of Illinois
Appeal from the Superior Court of Cook County; the Hon. Henry H. Shepard, Judge, presiding. The' bill in this ease sets forth that about October 8, 1883, there was organized a corporation known as the Pullman Iron & Steel Company, with a capital stock of §500,000, consisting of 5,000 shares of §100 each; that in payment for said stock, there was conveyed to the company a certain patent for making railway spikes; that afterward the owners of the stock, to whom the same had…
Read the full summary
Appeal from the Superior Court of Cook County; the Hon. Henry H. Shepard, Judge, presiding. The' bill in this ease sets forth that about October 8, 1883, there was organized a corporation known as the Pullman Iron & Steel Company, with a capital stock of §500,000, consisting of 5,000 shares of §100 each; that in payment for said stock, there was conveyed to the company a certain patent for making railway spikes; that afterward the owners of the stock, to whom the same had been issued, donated one-half of the same to the company, to be used as a working capital, and of this treasury stock a…
1Opinion of the CourtWaterman, P. J.
Briefly stated, the bill in this case seeks to take the management of the Pullman Iron & Steel Company out of the hands of a majority of the stockholders and of the officers and directors by them selected, to have a receiver appointed, an accounting had with its creditors, its affairs wound up and its assets distributed among its stockholders, upon the allegation that its affairs are not managed and have not been for its benefit and the benefit of its stockholders as a whole, but for the benefit of other corporations with which the person owning a majority of the stock of the Iron & Steel…
2Cited by3 opinions
- Weigley, Bulkley & Gray v. PeopleAppellate Court of Illinois · 1893
- Heitkamp v. American Pigment & Chemical Co.Appellate Court of Illinois · 1910
- Tascher v. TimermanAppellate Court of Illinois · 1896