Joseph T. Ryerson & Son v. Peden

Appellant, Joseph T. Ryerson & Son, a creditor of the South Chicago Architectural Iron Works, thereafter reorganized as the Illinois Architectural Iron Works, filed its second amended bill in equity in May, 1919, against said company and all its stockholders, charging that the company ceased doing business leaving debts unpaid; that the stockholders of the company, while acting as directors, had accepted from themselves property in full payment of their subscriptions for stock which was of far less value than the par value of the stock for which they had subscribed, and therefore, under the…