Williams v. Thwing Electric Co.
Appellate Court of Illinois
Memorandum.—Bill to cancel subscription to a corporation. In the Ch-cuit Court of Cook County; the Hon. Oliver H. Horton, Judge, presiding. On hearing, bill dismissed for want of equity; appeal by complainant. Heard in this court at the October term, 1894, and affirmed.
1Opinion of the CourtJustice Gary
In 1890, F. H. Thwing and others were organizing a corporation with a nominal capital of half a million of dollars, “ to manufacture and deal in lamps and general supplies.”
It appears that the real object was to reap the hoped-for benefits of a new patent on an electric lamp, which patent the corporation took at the price of seven-tenths of its whole capital.
The appellant subscribed for §10,000 of the stock, on which she paid §2,500.
She filed the bill in this case to have the subscription canceled, and get back the money she has paid, on the ground of false and fraudulent representations made…
2Cases cited2 opinions
- Lane v. LesserIllinois Supreme Court · 1891
- Patterson v. ScottAppellate Court of Illinois · 1891