Vanden Bosch v. Michigan Trust Co.

DENISON, Circuit Judge.

These appeals grow out of an equity receivership in the court below of the Worden Groeer Company, a Michigan corporation. The question involved in 5200 is whether Mrs. Hills, a holder of so-called preferred stock, is a creditor. Formerly, under the statutes and decisions of Michigan, there have been the two familiar classes of stock — -preferred and common; and it was clear that a preferred stockholder was not a creditor, but was entitled only (in addition to his dividend rights) to a preference over the common stockholder in the distribution of assets after all the…