Craddock-Terry Co. v. Powell

■Hudgins, J.,

dissenting.

The capital structure “of the Craddock-Terry Company, as of November 26, 1938, was as follows:

Shares Rate Par Total

1 st Preferred... 12,500 6% $100.00 $1,250,000.00

2nd Preferred.. 12,500 6% 100.00 1,250,000.00

Class “C”...... 9,956 7% 100.00 995,600.00

Common .....32,514 o 100.00 3,270,400.00

$6,766,000.00

Less: Deficit November 26, 1938............ 1,819,795.87

Book Value $4,946,204.13

The assets were valued at $5,191,616.17, which included $238,682.60 in cash on hand and in the banks. The current liabilities were only $194,317.67, which did not include $51,-*255094.37 in…