Warnecke v. Forty Wall Street Building, Inc.

A minority stockholder and debenture holder of defendant Forty Wall Street Building, Inc. (hereinafter called the Corporation) moves to restrain it and defendant Webb & Knapp, Inc., the holder of two thirds of its capital stock, from taking any action to effect the sale of the property of the Corporation on the terms proposed in a certain notice of special meeting sent to stockholders. Another minority stockholder has brought on a similar application. The two motions are considered together.

Plaintiffs contend that Webb & Knapp, Inc., and its president, defendant William Zeckendorf, have…