Weinberg v. Baltimore Brick Co.

Marvel, Vice Chancellor:

Plaintiff, the owner of 4,540 shares of common stock of the defendant corporation out of 6,656 such shares outstanding, brings this derivative action to enjoin the corporate defendant from declaring dividends on its first preferred cumulative stock until an alleged impairment of capital had been corrected. Plaintiff is one of three minority common stock directors, there being six preferred directors. Two other common stockholders have recently been permitted to intervene and have filed complaints similar to plaintiffs to which responsive pleadings are not yet due.…