Mencher v. Sachs

Southerland, Chief Justice:

The case below involved two proceedings : (1) a petition for appointment of a master to hold a special election of directors of Seminole Oil & Gas Corporation; and (2) a complaint to cancel 283,000 shares of Seminole stock held by Milestone Drilling Company. The cases were consolidated before trial. In the election proceedings the management, including Seminole’s then President, appellant Mencher, was opposed by certain stockholders. The master held that the Milestone shares were illegally issued and should be cancelled, and further held that the opposition’s…