Bailey v. Fosca Oil Co.

J. — Plaintiffs and respondents, minority stockholders, acting for the claimed benefit of defendant corporation, allege three causes of action. The first charges issuance of a security by defendant corporation in violation of the Corporate Securities Law and seeks to enjoin the vari ous defendants, including defendant corporation, V. I. San-dell, W. A. Crocket, C. W. Alsop, E. C. Flynn and E. B. Orchard, as directors thereof and as trustees, from repaying any moneys obtained thereunder, and seeks to have the “debenture” (note now in default) evidencing the indebtedness declared void, and to…