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DIONNE v. PIERSON CONTRACTING CO.

Docket Nos. 953, 954.

2 Mich. App. 134 (1965)

138 N.W.2d 555

DIONNE v. PIERSON CONTRACTING COMPANY. GARAVAGLIA v. SAME.

Michigan Court of Appeals.

Decided December 20, 1965.

Attorney(s) appearing for the Case

Darin, Darin & McMillan (Malcolm McMillan, of counsel), for plaintiff Dionne.

Brucker & Brucker (Wilber M. Brucker, Jr., of counsel), for plaintiffs Michael Garavaglia and others.

O'Keefe, Braun, Kendrick & Finkbeiner (Larry C. Carl, of counsel), for defendant.

FITZGERALD, J.

Plaintiffs are the owners of shares of class D and class E preferred stock issued by defendant corporation. Defendant's articles of incorporation and stock certificates provide for final redemption of class D stock by June 1, 1962, and of class E stock by June 1, 1963. The certificates state in part that "Classes of preferred stock shall be redeemed only out of surplus to the extent that the same are legally capable of being redeemed in whole...

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