General Investment Corp. v. Warriner

This action was instituted by General Investment Corporation in July, 1937, against certain former officers and directors to recover for alleged waste and misappropriation of corporate moneys. The complaint was based upon two specific transactions in which plaintiffs sought to recover the sum of $756,569.50. Issue was joined by certain of the defendants in October and November of the same year. Negotiations were had with a view to settlement. A written offer of compromise bearing date January 17, 1938, was made by the defendant Warriner and Nassau Securities Co., Ltd., a corporation named as…