Mairs v. Madden

The plaintiffs, who are stockholders of an insurance company having a total capitalization of four thousand shares of the par value of $25, which were held on January 1, 1939, by approximately one hundred fifty persons, none of whom held a majority or controlling interest, brought this bill in equity against the defendants. One of the defendants is the treasurer and a director and the other the secretary and a director of the company.1 The bill alleged that one Rice submitted to the board of directors, on October 16, 1939, an offer to purchase the company’s stock at $38 a share provided…