Dalva v. Bailey

BICKS, District Judge.

Maurice Dalva and Nathan Hausman, ■stockholders of Pantepec Oil Company, instituted a derivative action in this Court on April 18, 1957. Upon Pantepec’s motion for security for expenses pursuant to New York General Corpora-' tion Law, McKinney’s Consol.Laws, c. '23, § 61-b, an order was made directing plaintiffs to file a bond in the amount of $50,000, “provided, however, that if, within sixty (60) days * * * joinder of additional stockholders * * * is effected so that this action will be maintained by holders of at least 5% of the outstanding shares * * * or by the…