Cannon v. Denver Tramway Corp.

MARVEL, Chancellor.

Petitioner, who is trustee in dissolution of the Denver Tramway Corporation, a dissolved corporation, seeks instructions from this Court as to an appropriate distribution of corporate funds over and above amounts required to pay corporate obligations. Denver Tramway was formerly engaged in the business of furnishing public transportation in Denver, Colorado. However, in light of the imminence of condemnation proceedings brought by the City of Denver, the corporation’s stockholders adopted a plan of liquidation on March 5, 1971, authorizing the liquidation of Tramway’s…