Cornell v. Seddinger
Supreme Court of Pennsylvania
Appeal, No. 155, Jan. T,, 1911, by plaintiff, from decree of C. P. No. 2, Phila. Co., March T., 1908, No. 2619, dismissing bill in equity in case of Howard E. Cornell, Receiver of the Neafie & Levy Ship & Engine Building Company, Penn Works, Philadelphia, v. Mathias Seddinger, John H. Watt, Eli Kirk Price, Somers N. Smith, Laurence B. Levy, Administrator of the Estate of Edmund L. Levy, deceased, and William C. Watt and Louis H. Watt, Executors of the last will and testament…
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Appeal, No. 155, Jan. T,, 1911, by plaintiff, from decree of C. P. No. 2, Phila. Co., March T., 1908, No. 2619, dismissing bill in equity in case of Howard E. Cornell, Receiver of the Neafie & Levy Ship & Engine Building Company, Penn Works, Philadelphia, v. Mathias Seddinger, John H. Watt, Eli Kirk Price, Somers N. Smith, Laurence B. Levy, Administrator of the Estate of Edmund L. Levy, deceased, and William C. Watt and Louis H. Watt, Executors of the last will and testament of John H. Watt, deceased. Bill in equity for an accounting. Before Wilt-bank, J. The opinion of the Supreme Court…
1Opinion of the Court
Opinion by
Mr. Justice Potter,
This was a bill in equity filed by Howard E. Cornell, Receiver of the Neafie & Levy Ship and Engine Building Company, Penn Works, Philadelphia, againstc Mathias Seddinger, John H. Watt, Eli Kirk Price, Somers *394N. Smith and Laurence B. Levy, Administrator of Edmund L. Levy, deceased. . ’The purpose of the bill was to compel the .defendants to repay to the company certain sums which it was alleged the defendants, as directors had wrongfully declared as dividends, when as a matter of fact there were no profits to divide, and the so-called dividends were paid out of…
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