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GARDNER v. BALDI

24 N.J. Super. 228 (1952)

93 A.2d 644

WALTER H. GARDNER, AND CAROLINE GARDNER, INDIVIDUALLY AND ON BEHALF OF THE STOCKHOLDERS OF THE CLIFTON TRUST COMPANY, PLAINTIFFS, v. ROMANO P. BALDI, ET ALS., DEFENDANTS. IN THE MATTER OF THE VOLUNTARY DISSOLUTION OF THE CLIFTON TRUST COMPANY, A BANKING CORPORATION OF THE STATE OF NEW JERSEY.

Superior Court of New Jersey, Chancery Division.

Decided December 19, 1952.

Attorney(s) appearing for the Case

Messrs. Gardner & Williams (Mr. John F. Crane appearing), attorneys for Walter H. Gardner and Caroline Gardner and exceptants.

Messrs. McCarter, English & Studer (Mr. Augustus C. Studer, Jr., appearing), attorneys for the liquidating trustees of the Clifton Trust Company.

Messrs. Cole, Morrill & Nadell (Mr. Mendon Morrill appearing), attorneys for John Celentano and Susan Celentano, Henry L. Peto, Alfred C. Sinn, Louis Rudbart, Lila Rudbart, Gustav Triebel, James M. Dunn, Peter Wilkovsky, Julia Wilkovsky and Henry A. Franz, beneficiaries of the trust concerning which an intermediate account was filed by the trustees.

GRIMSHAW, J.S.C.

This matter is before me on exceptions to the intermediate account of the trustees in dissolution of the Clifton Trust Company. The exceptants object to the granting of allowances to the trustees. They take exception to the payment of $54,000 to the tax expert who participated in the dissolution proceedings. And they charge that the trustees, by an improper use of the bank's assets, made a secret profit from purchases of the preferred stock of the...

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