Butts v. King

The plaintiffs sue as creditors of the Bridgeport and Danbury Electric -Railway Company, alleging that they hold debenture notes of this company and that defendant King subscribed to 1996 shares of the capital stock of the company of the par value of $100 which has never been paid, and that he thereafter attempted to evade his obligation on his subscription by assigning the same to A. William Sperry; that the company has abandoned its business and refused to call in or demand of King the unpaid stock subscription; and that the company for a long time prior to the date of the complaint has…