Dunnett v. Arn

PHILLIPS, Circuit Judge.

The Operators Oil Company, a Delaware corporation, had outstanding capital stock aggregating 113,255 shares. James G. Cloud and Ray M. Dunnett owned or controlled 60,-000 of such shares. The plaintiffs below and the remaining stockholders, hereinafter called the minority stockholders, owned 53,255 of such shares. Cloud was president and Dun-nett secretary of the Operators Company.

The Operators Company owned a valuable producing oil lease. The Sunray Oil Company, a Delaware corporation, desired to acquire this lease. Shortly prior to November 22, 1929, the Sunray…