American Creosote Works, Inc. v. Powell

HUTCHESON, District Judge.

This is an appeal from a decree in a stockholders’ suit, brought by Edwin L. Powell against the American Creosote Works, Inc., and S. W. Labrot. The decree directed the annulment of the proceedings of the stockholders and directors of the defendant corporation taken in September, 1921, providing for the issuance of additional stock out of the stock in the treasury authorized by charter, the Annulment and cancellation of the actual shares of stock issued pursuant to said proceedings, and provided also for the annulment of the transfer by defendant Labrot to defendant…