Anderson v. Cleveland-Cliffs Iron Co.

OPINION

By McNAMEE, J:

Plaintiffs are the owners of 4327 shares of the preferred stock of the old Cleveland-Cliffs Iron Company, defendant herein. The intervening petitioners seeking the same relief as plaintiffs, and upon identical grounds, are the owners of 1270 shares of the preferred stock of defendant corporation. The individual defendants are directors of said corporation. On April 24, 1947, the directors of The Cleveland-Cliffs Iron Company approved an “Agreement of Consolidation” by the terms of which it was proposed to consolidate the assets and liabilities of the defendant corporation…