Piccard v. Sperry Corporation

RIFKIND, District Judge.

The action is a derivative stockholders’ suit brought by minority stockholders of the Sperry Corporation against directors of that corporation and others.

The evidence establishes conclusively that in the Spring of 1936, a controversy, attended by considerable bitterness, developed between the Sperry Corporation on the one side and Cowdin and Standard Capital Company on the other. The Sperry Corporation demanded of Cowdin and Standard Capital Company $193,000 which the latter had received from Field Glore and Company as a 50% participation in the profits'realized by…