Bay Newfoundland Co. v. Wilson & Co.

The Chancellor:

This case is before the court on a demurrer to the complainant’s bill, on the ground of acquiescence or loches. Wilson & Co., Inc., the defendant, amended its charter in February of 1935, reclassifying its stock and radically changing its financial setup. Bay Newfoundland Company, the complainant, is the equitable owner of 1700 shares of the defendant’s old Class A cumulative *35stock, and was the equitable owner of that stock on February 23rd, 1935, when the charter amendment took effect. Prior to that amendment, the defendant’s charter provided for three classes of stock, which…