Satterthwaite v. Eastern Bankers Corp.

The Chancellor

held that the claim for refund could not be expected to be pressed with confidence in its merits by the present officers and directors who, if the facts upon which the merits of the claim for refund rest are true, were guilty of so manipulating the corporation’s financial showing as to make a false appearance of profits out of which dividends were declared *312by them; that the defendant is entitled to have the merits of the claim for refund intelligently and sincerely urged before the commissioner to the end that resort to suit for collection of the overpaid taxes with its…