Americar, Inc. v. Crowley

CARROLL, DONALD K., Acting Chief Judge

(dissenting).

The plaintiff in an action for declaratory relief has appealed from a final summa*675ry judgment entered by the Circuit Court for Volusia County declaring the pre-emp-tive rights of various classes of its stockholders.

This action was occasioned by the plaintiff’s public offering and sale on May 22, 1968, of 60,000 shares of its common stock and 7% convertible debentures in the total principal amount of $1,200,000. Through oversight these securities were issued and sold without affording the existing stockholders the opportunity to exercise their…