Rosenbaum v. Rice
New York Supreme Court
Action by a minority stockholder of a corporation to prevent the officers and directors from proceeding in the consummation of what he charges to be a fraudulent scheme, by virtue of which, it is sought to divert corporate assets into another corporation, of ' which they are likewise officers and directors.
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Action by a minority stockholder of a corporation to prevent the officers and directors from proceeding in the consummation of what he charges to be a fraudulent scheme, by virtue of which, it is sought to divert corporate assets into another corporation, of ' which they are likewise officers and directors. Motion to vacate an order granted, to examine the two companies through the president and a person who is in the directorate of the two companies, as well as to examine other defendants individually.
1Opinion of the CourtLeventritt, J.
The action is by a minority stockholder of a corporation to prevent the officers and directors from proceeding in the consummation of what he charges to be a fraudulent scheme, by virtue of which it is sought to divert the corporate assets into another corporation of which they are likewise officers and directors. The essential steps taken to accomplish that end and which are chronicled in much detail in the lengthy papers submitted on this application, were had among the directors and executive officers of the old corporation, who had themselves elected to the like positions in the new…
2Cases cited19 opinions
- Sage v. . CulverNew York Court of Appeals · 1895
- Jenkins v. . PutnamNew York Court of Appeals · 1887
- Herbage v. . City of UticaNew York Court of Appeals · 1888
- Carter v. GoodNew York Supreme Court · 1890
- Horst v. D. G. Yuengling Brewing Co.Appellate Division of the Supreme Court of the State of New York · 1896
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3Cited by2 opinions
- Shogry v. NaserAppellate Terms of the Supreme Court of New York · 1913
- Elmes v. DukeNew York Supreme Court · 1902