Patton v. Nicholas

The judgment under review here, affirmed by the El Paso Court of Civil Appeals on transfer (269 S.W. 2d 482) has appointed a receiver for the liquidation of a profitable mercantile corporation of $280,000 paid-up capital stock and about $130,-000 earned surplus, at the suit of the respondents, J. W. Nicholas and Robert R. Parks, each owning approximately 20% of the stock, against the corporation and particularly its president and director, petitioner T. W. Patton, who owned approximately 60% and is charged with fraud and abuse of his controlling position to the prejudice of the respondents…