Spena v. Goffe

The opinion of the court was delivered by

Harvey, J.:

The Wakeeney Telephone Company, a corporation, was disorganized by mutual consent of the stockholders and its physical property sold for cash. This is a proceeding in equity by a stockholder representing himself and similar claims of other stockholders assigned to him for the distribution among the stockholders of the proceeds arising from the sale of the physical properties of the corporation and a division of earnings on hand. Originally there were several questions to be determined which affected the distribution. One was whether or not…