Davis v. Las Ovas Co.
Supreme Court of the United States
APPEAL PROM THE COURT OF APPEALS OF THE DISTRICT OF COLUMBIA. The facts are stated in the opinion! The company proved no right to the relief prayed for. It was merely a receptacle for the property, a creature erected for the convenience of the syndicate. The syndicate instead of taking the property in their own name put it in a company, which company was themselves, and only themselves, and gave it back to themselves in the shape of a certain number of shares of stock.
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APPEAL PROM THE COURT OF APPEALS OF THE DISTRICT OF COLUMBIA. The facts are stated in the opinion! The company proved no right to the relief prayed for. It was merely a receptacle for the property, a creature erected for the convenience of the syndicate. The syndicate instead of taking the property in their own name put it in a company, which company was themselves, and only themselves, and gave it back to themselves in the shape of a certain number of shares of stock. Old Dominion Copper Co. &e. v. Lewisohn, 210 U. S. 206; Morowitz on Corporations (2d ed.), § 292. When directors issue the…
1Opinion of the Court
Memorandum opinion -by direction of the court. By
Me. Justice Lurton.
This is a bill by the appellee to recover from appellants secret profits made by them as promoters of the Las Ovas Company in the purchase of a part of a tract of land known as Las Ovas in the Republic of Cuba, and also for the cancellation of certain shares of stock issued to them as promoters.
The facts essential to judgment are not in serious dispute. They are found clearly and fully stated in the opinion by Mr. Justice Gould of the Supreme Court of the District of Columbia, and again in .the opinion of the Court of Appeals…
2Cases cited1 opinion
- Old Dominion Copper Mining & Smelting Co. v. LewisohnSupreme Court of the United States · 1908
3Cited by47 opinions
- McCandless v. FurlaudSupreme Court of the United States · 1935
- Nye Odorless Incinerator Corp. v. FeltonSuperior Court of Delaware · 1931
- Hays v. Georgian Inc.Massachusetts Supreme Judicial Court · 1932
- Topanga Corp. v. GentileCalifornia Court of Appeal · 1967
- Fort Myers Development Corp. v. J. W. McWilliams Co.Supreme Court of Florida · 1929
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