Guttmann v. Illinois Central R. Co

FRANK, Circuit Judge.

The trial court’s findings of facts — which are amply supported by the evidence and unquestionably are not “clearly erroneous” —establish that the directors acted well within their discretion in withholding declarations of dividends on the non-cumulative preferred stock up to the year 1948. In so holding, we assume, arguendo, that, as plaintiff insists, 1 2 the standard of discretion in weighing the propriety of the non-declaration of dividends on such preferred stock is far stricter than in the case of non-declaration of dividends on common stock. For, on the facts as…