Phinizy v. Anniston City Land Co.
Supreme Court of Alabama
Appeal from Calhoun Chancery Court. Heard before Hon. W. W. Whiteside. Bill by Mary Louise Phinizy and others, minority stockholders of the Anniston City Land Company, against that corporation and others, for a dissolution of the corporation, the appointment of a receiver, and to sequester and distribute the assets of the corporation. From a decree sustaining demurrers to the bill, complainants appeal.
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Appeal from Calhoun Chancery Court. Heard before Hon. W. W. Whiteside. Bill by Mary Louise Phinizy and others, minority stockholders of the Anniston City Land Company, against that corporation and others, for a dissolution of the corporation, the appointment of a receiver, and to sequester and distribute the assets of the corporation. From a decree sustaining demurrers to the bill, complainants appeal. The two treasurer’s reports referred to in the opinion are as follows: Year ending April 30, 1913: Cash and convertible assets, May 1, 1912.............................$ 4,811.53 Anniston Inn…
1Opinion of the CourtSomerville, J.
The bill of complaint seeks to sequester and distribute the assets of the respondent corporation among its stockholders by the appointment of a receiver and the sale of the assets, and prays also for a dissolution of the corporation.
Stripped of unessential averments, the bill charges, as a basis for this relief, that since its organization in 1887, with a capital stock of $3,000,000 and assets valued at $1,500,000, respondent’s assets have been dissipated or consumed by fixed expenses and unwise sales and investments until, they are now reduced to a valuation of $300,000; that the value of…
2Cases cited9 opinions
- Corey v. WadsworthSupreme Court of Alabama · 1891
- Noble v. Gadsden Land & Improvement Co.Supreme Court of Alabama · 1901
- Decatur Land Co. v. RobinsonSupreme Court of Alabama · 1913
- Ross v. American Banana Co.Supreme Court of Alabama · 1907
- Manufacturers' Land & Improvement Co. v. ClearyCourt of Appeals of Kentucky · 1905
4 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Belcher v. Birmingham Trust National BankDistrict Court, N.D. Alabama · 1968
- Central Standard Life Insurance v. DavisIllinois Supreme Court · 1957
- Alabama Fidelity Mort. & Bond Co. v. DubberlySupreme Court of Alabama · 1916
- Fulton v. CallahanSupreme Court of Alabama · 1993
- Brooks v. HillSupreme Court of Alabama · 1998
15 more not listed; retrieve them via the Exa API.