MATTER OF MCKINNEY (BUSH TERM. BLDGS. CO.)


306 N.Y. 207 (1954)

In the Matter of Holt S. Mckinney et al., Appellants. Bush Terminal Buildings Company, Respondent.

Court of Appeals of the State of New York.

Decided January 14, 1954


Attorney(s) appearing for the Case

Henry Cohen and Holt S. McKinney, in person, for Holt S. McKinney and another, appellants.

Vermont Hatch, John M. Johnston and Malcolm J. Edgerton, Jr., for respondent.

LEWIS, Ch. J., DYE and VAN VOORHIS, JJ., concur with DESMOND, J.; FULD, J., dissents in opinion in which CONWAY and FROESSEL, JJ., concur.


DESMOND, J.

Petitioners-appellants McKinney are the owners of sizable blocks of both the cumulative preferred stock and the common stock of respondent Bush Terminal Buildings Company. They object to a plan of recapitalization adopted by respondent, which, as briefly described, contemplates the split-up of old $5 par value common stock into fifty shares of new ten-cent par value common, and a (voluntary) exchange...

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