P.-Pbgh. Tr. Co. v. Pbgh. U. Corp.

In 1930, Oil-Well Supply Company, which had been incorporated to manufacture and sell oil-well supplies and equipment, sold all its property to United States Steel Corporation for 108,402 shares of the common stock of that corporation. The Oil-Well Supply Company then changed its corporate name to Pittsburgh United Corporation. At that time United had outstanding two classes of stock, 389,963 shares of common and 58,212 shares of preferred. The preferred shareholders were entitled to dividends not exceeding 7% per annum. The certificate also contained a provision that "Upon the dissolution,…