Galligan v. Galligan-Owen Corp.

This is a stockholder’s action to enjoin the sale of assets of the corporate defendant and for an accounting. A motion for temporary injunction was denied. All the assets have been disposed of pursuant to sale as of March 15, 1959 and creditors of the corporation have been paid off. All stockholders except plaintiff approved the sale and they constituted more than the two thirds necessary for such disposition. When this action was begun in this jurisdiction the stock of plaintiff, for which he had paid $300, was worthless. The corporation had a substantial deficit. All defendants, including…