Gunnison v. Woodward Iron Co.

The Chancellor.

The original bill in this cause is a lengthy one. Its allegations hinge principally upon a complaint that the corporation, through the domination by the so-called “Woodward Interests” and “Vance Interests” of the board of directors whose members are made defendants, has purchased some twenty-five thousand shares of the common stock of the company from one stockholder, at a price in excess of its worth and far in excess of its fair value on the market. It is charged in the original bill that the company had no available cash with which to make the purchase, that in order to…