Pride v. Pride Lumber Co.
Supreme Judicial Court of Maine
In equity. On appeal by defendants. Bill sustained with costs on appeal. This is a bill in equity by a minority stockholder in the defendant corporation. The individual defendants, Henderson and Bradstreet, are the other stockholders.
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In equity. On appeal by defendants. Bill sustained with costs on appeal. This is a bill in equity by a minority stockholder in the defendant corporation. The individual defendants, Henderson and Bradstreet, are the other stockholders. The bill alleges that the individual defendants corruptly and collusively conspired to wreck the corporation and convert its property to their own use as individuals in fraud of the corporation and in violation of their duties as directors; that they voted and paid to themselves salaries greatly in excess of the value of their services and have not 'devoted the…
1Opinion of the CourtSavage, J.
The plaintiff is a minority stockholder in the defendant corporation. The individual defendants, Henderson and Bradstreet are the other stockholders. Each of the three owns one-third of the capital 'Stock. All are directors. Henderson is president and Bradstreet is clerk and treasurer. The corporation has ceased to do business as a going concern, and is practically defunct, but is not alleged to be insolvent. The bill alleges that the individual defendants corruptly and collusively conspired to wreck the corporation, and to convert its property to their use as individuals, in fraud of the…
2Cases cited2 opinions
- State v. TalmageSupreme Court of Missouri · 1891
- Lawrence v. Greenwich Fire InsuranceNew York Court of Chancery · 1829
3Cited by4 opinions
- Low v. R. P. K. Pressed Metal Co.Supreme Court of Connecticut · 1916
- Woodsum v. Portland RailroadSupreme Judicial Court of Maine · 1949
- Conners v. Conners Bros.Supreme Judicial Court of Maine · 1913
- Lovejoy v. CoulombeSupreme Judicial Court of Maine · 1957