Maas v. Sullivan

Proskauer, J.:

Plaintiffs bring a representative action on behalf of themselves and all other bondholders of the Interborough-Metropolitan Company similarly situated. Ernestine Mauzer, also a bondholder, moves to intervene as a party plaintiff. Defendants urge that she is not similarly situated with the plaintiffs. All were originally holders of the same kind of bonds. Plaintiffs, however, surrendered their bonds to a reorganization committee and, according to the defendants’ claim, thus changed their status. The intervener did not sign the reorganization agreement. The signature of the…