Stebbins v. Michigan Wheelbarrow & Truck Co.
Court of Appeals for the Sixth Circuit
Appeal from the District Court of the United States for the Northern Division of the Eastern District of Michigan; Alexis C. Angelí, Judge. Suit in equity by Bliss Stebbins, Earl Card, and Richard S. Wood-liff against the Michigan Wheelbarrow & Truck Company and others. Decree for defendants, and complainants appeal.
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Appeal from the District Court of the United States for the Northern Division of the Eastern District of Michigan; Alexis C. Angelí, Judge. Suit in equity by Bliss Stebbins, Earl Card, and Richard S. Wood-liff against the Michigan Wheelbarrow & Truck Company and others. Decree for defendants, and complainants appeal. This was a suit brought by appellant Stebbins, as a stockholder in the Michigan Wheelbarrow & Truck Company, a corporation of Michigan, in behalf of himself and all other stockholders who were similarly situated and might desire to join in the proceeding; and the other…
1Opinion of the CourtWarrington, Circuit Judge
(after stating the facts as above). We concur in large measure in certain of the conclusions of fact reached by the learned trial judge, but we are not able to affirm his ultimate conclusion or the decree. The basis of the decree is that at the time of the transfer the assets of the old company were worth nothing in excess of its debts. The implication is that, if there had been a material excess in value, complainants would have been entitled to recover their respective shares in the form of a money decree. It is true that, in spite of the unusual quantity of evidence offered,2 it is…
2Cases cited20 opinions
- Jackson v. LudelingSupreme Court of the United States · 1874
- Williams v. McMillanOhio Supreme Court · 1849
- Jones v. Missouri-Edison Electric Co.Court of Appeals for the Eighth Circuit · 1906
- Bank of Montreal v. J. E. Potts Salt & Lumber Co.Michigan Supreme Court · 1892
- Cook v. Berlin Woolen Mill Co.Wisconsin Supreme Court · 1877
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3Cited by5 opinions
- Pennsylvania Canal Co. v. BrownCourt of Appeals for the Third Circuit · 1916
- Backus v. FinkelsteinDistrict Court, D. Minnesota · 1924
- Heim v. JobesCourt of Appeals for the Eighth Circuit · 1926
- Wabash Railway Co. v. Iowa & Southwestern Railway Co.Supreme Court of Iowa · 1925
- Kroener v. PancoastSuperior Court of Rhode Island · 1926