King Manufacturing Co. v. Clay

Almand, Justice.

We first consider the defendant corporation’s contention that the court erred in sustaining the plaintiff’s general demurrer to its cross-bill.

The gist of the corporation’s assertion that it is entitled to equitable relief as against the plaintiffs is: that the plaintiffs while members of the corporation’s board of directors, in violation of their obligation arising from the fiduciary capacity they occupied, conspired to get control of the corporation by buying the stock of other stockholders, some in excess of the market value of the stock, for the purpose of selling their…