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LEEDS & LIPPINCOTT CO. v. NEVIUS

30 N.J. 281 (1959)

153 A.2d 45

LEEDS AND LIPPINCOTT COMPANY, A CORPORATION OF NEW JERSEY, PLAINTIFF-RESPONDENT AND CROSS-APPELLANT, v. ETHEL R. NEVIUS, ADAM S. BORST, RANDAL HOLDEN, MIRIAM E. MELLIN AND IDA BOFFEY BACON, DEFENDANTS-APPELLANTS AND CROSS-RESPONDENTS, AND HELEN LIPPINCOTT PARRISH AND THE REMAINING PREFERRED AND COMMON STOCKHOLDERS OF LEEDS AND LIPPINCOTT COMPANY AS A CLASS, DEFENDANTS-RESPONDENTS.

The Supreme Court of New Jersey.

Decided June 26, 1959.

Attorney(s) appearing for the Case

Mr. Alfred C. Clapp argued the cause for the defendants-appellants.

Mr. David M. Perskie argued the cause for the plaintiff-respondent and the defendant-respondent Helen Lippincott Parrish (Messrs. Perskie & Perskie, attorneys for defendant-respondent Helen Lippincott Parrish).

Mr. James N. Butler argued the cause for the plaintiff-respondent and cross-appellant (Messrs. Moore, Butler & McGee, attorneys).

The opinion of the court was delivered by JACOBS, J.

On March 27, 1957 the plaintiff corporation instituted its class action seeking a determination of the relative rights of its preferred and common stockholders under its amended certificate of incorporation. On September 15, 1958 the Chancery Division entered a declaratory judgment from which preferred stockholders appealed to the Appellate Division. See Leeds and Lippincott Co. v. Nevius,

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