Wise v. Universal Corporation

LEAHY, Chief Judge.

This derivative suit was brought for the benefit of Universal Corporation 1 by plaintiff as a holder of certain voting trust certificates representing the common stock of Corporation. Plaintiff seeks cancellation of particular VTCS of Corporation and certain options to purchase other VTCS as against certain of the individual defendants, Standard Capital Company, J. Cheever Cowdin and Charles J. Prutzman. The action involves two distinct transactions. The first revolves about the “Laemmle Option”. In March 1936, defendants Capital — a corporate instrument of Cowdin— and…