Sellers v. Bancroft

Complainants are holders of shares of 7% cumulative preferred stock issued by the defendant under authority of an amendment to its charter adopted June 29, 1926.

Said stock has a par value of one hundred dollars per share; calls for an annual seven dollar per share dividend which is cumulative and must be paid before any dividends may be paid to the common stock; is entitled to receive in case of involuntary liquidation of the company or its voluntary dissolution one hundred dollars per share and an amount equal to all unpaid cumulated dividends plus a premium of ten dollars per share; is…