Willson v. Laconia Cab Co.

The plaintiffs by this suit seek to enforce certain rights alleged to be vested in them as holders of preferred stock upon the liquidation of the defendant corporation. The case was reserved upon bill and answer for the determination of the full court. All the facts set out in the bill and not denied in the answer and all relevant facts well pleaded in the answer must be accepted as true. The corporation was incorporated in Massachusetts in 1912 with an authorized capital stock of $2,000,000 consisting of 10,000 shares of cumulative preferred stock and 10,000 shares of common, one share of…