Aldridge v. Franco-Wyoming Securities Corp.

Pearson, Vice-Chancellor:

Complainant prays for a decree of cancellation of 700 shares of the corporation’s stock issued in 1944. As ground for this, he asserts that the *321motivating purpose of the directors in issuing the shares was improper in that it was to maintain control of the corporation.

Until the fall of 1944, the corporation had outstanding 500 shares of $10 par value capital stock. Complainant owned 150 shares; defendant Waltman, 10 shares; and certain residents of France owned the remaining 340 shares. Prior to the outbreak of the war with Germany, the French stockholders sent…