Phillips v. Providence Steam Engine Co.

Stiness, J.(3) The complainant, a stockholder, seeks to •restrain the respondent corporation from disposing of its ■property. The company is doing business under an extension by its creditors, in the terms of which an installment becomes due in November next. It is agreed that this cannot be met, and that the company will be unable to go on in business because the creditors refuse a further extension. .In view of these facts, an arrangement has been made to ■.form a new company, in which creditors holding extension notes will take preferred stock'to the extent of one-half of •their claims,…