Sellers v. Joseph Bancroft & Sons Co.

The Chancellor: Complainants are holders of shares of seven per cent, cumulative preferred stock issued by the defendant under authority of an amendment to its charter adopted June 29, 1926.

Said stock has a par value of one hundred dollars per share; calls for an annual seven dollar per share dividend which is cumulative and must be paid before any dividends may be paid to the common stock; is entitled to receive in case of involuntary liquidation of the company or its voluntary dissolution one hundred dollars per share and an amount equal to all unpaid cumulated dividends plus a premium of…