Legal Opinion
Penington v. Commonwealth Hotel Construction Corp.
Court of Chancery of Delaware
Decided July 19, 1930PublishedCited by 19 opinions
1Opinion of the Court
The Chancellor.
The questions which the rival contentions in this case present concern stockholders only, the creditors having been satisfied in full. They involve a construction of the charter provisions which deal with the classes of stock authorized to be issued and their relation to a situation of liquidation and distribution of assets.
The pertinent charter provisions are as follows:
“The holders of the preferred stock of this corporation shall be entitled to receive and the corporation shall be obligated to pay thereon out of the surplus or net profits of the business of the corporation in…
2Cases cited9 opinions
- Morris v. American Public Utilities CompanyCourt of Chancery of Delaware · 1923
- Gaskill v. Gladys Belle Oil Co.Court of Chancery of Delaware · 1929
- Drewry-Hughes Co. v. ThrockmortonSupreme Court of Virginia · 1917
- Lex v. Selway Steel CorporationSupreme Court of Iowa · 1925
- Michael v. Cayey-Caguas Tobacco Co.Appellate Division of the Supreme Court of the State of New York · 1920
4 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Waggoner v. LasterSupreme Court of Delaware · 1990
- Staar Surgical Co. v. WaggonerSupreme Court of Delaware · 1991
- Penington v. Commonwealth Hotel Construction Corp.Court of Chancery of Delaware · 1931
- Ellingwood v. Wolf's Head Oil Refining CompanySupreme Court of Delaware · 1944
- Holland v. National Automotive Fibres, Inc.Court of Chancery of Delaware · 1937
14 more not listed; retrieve them via the Exa API.