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PENN-TEXAS CORP. v. NILES-BEMENT-POND CO.

34 N.J. Super. 373 (1955)

112 A.2d 302

PENN-TEXAS CORPORATION, A PENNSYLVANIA CORPORATION, ET AL., PLAINTIFFS, v. NILES-BEMENT-POND COMPANY, A NEW JERSEY CORPORATION, ET ALS., DEFENDANTS, BERNARD SMITH, ET AL., INTERVENORS.

Superior Court of New Jersey, Chancery Division.

Decided March 8, 1955.

Attorney(s) appearing for the Case

Messrs. Riker, Emery & Danzig (Mr. Charles Danzig appearing), attorneys for plaintiffs.

Messrs. Stryker, Tams & Horner (Mr. Josiah Stryker appearing), attorneys for defendant Niles-Bement-Pond Company.

Messrs. Pitney, Hardin & Ward, attorneys for defendant The Corporation Trust Company.

Messrs. Crummy, Consodine & Gibbons (Mr. Andrew B. Crummy appearing), attorneys for intervenors.

SULLIVAN, J.S.C.

The present application before me involves but one facet of a stockholders' suit against Niles-Bement-Pond Company, a corporation of this State hereinafter called the defendant. Originally the suit was filed by a plaintiff, who claimed to be a large stockholder of the defendant, objecting to a contract entered into by the defendant with Belco General Corporation, whereby the defendant agreed to issue 631,715 shares of its authorized but unissued stock...

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