Treves v. Menzies

Marvel, Vice-Chancellor:

Plaintiffs, who claim to own 1,660 shares of cumulative preferred stock of the defendant, Servel, Inc., out of 45,600 such shares issued and outstanding, have brought what they term a class action in which they primarily seek to have the Court enforce in their favor a charter provision which, according to plaintiffs’ contentions, entitles them now to be paid the full preferential payment due on such stock upon corporate liquidation. The unverified complaint alleges and the answer admits that most of the corporate defendants’ assets having to do with its ordinary…