Dratz v. Occidental Hotel Co.

Plaintiffs or their assignors were holders of preferred stock in the Occidental Hotel Company, a Delaware corporation authorized to do business in Michigan. It owned and operated a hotel in Muskegon. It had no other business. In 1943, this corporation consolidated, with another Delaware corporation, and incident to such consolidation the rights of plaintiffs as holders of preferred stock were materially affected. The new Occidental Hotel Company assumed the liabilities and obligations of the original or óld Occidental Hotel Company. By their suits, which were transferred to the equity side of…