Public Service Holding Corp. v. Killoran

Layton, Chief Justice,

delivering the opinion of the court:

We pass by the appellee’s motion to dismiss this appeal based on non-joinder of parties, and proceed at once to the merits. The appeal involves the interrelations of three corporations. Public Service Holding Corporation is in receivership. The voting control of the corporation is in the hands of one Garland and his associates. Cooperative Finance Corporation, a large stockholder of Public Service Holding Corporation, is under Garland’s absolute control. The assets of any value of the receivership estate consist of shares of the common…