Love v. Clayton

Opinion by

Me. Justice Kephaet,

The United States Fashion & Sample Book Company, for brevity called Sample Company, in 1917, found its business in doubtful condition. After an investigation by some of the larger creditors, in January, 1918, an agreement was entered into between the company, three persons styled “officers,” “such” creditors as would join, and three persons designated as “committee.” Seventy per cent of the stock was to be transferred to the committee, to be elected directors in place of the “officers” who had resigned. They were to continue the business of the company, or…