E. F. HUTTON & CO. v. MANUFACTURERS NAT. BANK OF DETROIT

No. 28780.

259 F.Supp. 513 (1966)

E. F. HUTTON & COMPANY Inc., a Delaware corporation, Plaintiff, v. MANUFACTURERS NATIONAL BANK OF DETROIT, a national banking corporation, and V.G.A. Co. (formerly Vernors, Inc.), a Michigan corporation, Defendants.

United States District Court E. D. Michigan, S. D.

September 16, 1966.


Attorney(s) appearing for the Case

John A. Ziegler, Jr., Henry C. Cashen, II, Dickinson, Wright, McKean & Cudlip, Detroit, Mich., for plaintiff.

Richard D. Rohr, Bodman, Longley, Bogle, Armstrong & Dahling, Detroit, Mich., for Manufacturers Nat. Bank of Detroit.

John L. King, Thomas V. Giles, Berry, Moorman, King & Canfield, Detroit, Mich., for V. G. A. Co. (formerly Vernors Inc.)


OPINION

FREEMAN, District Judge.

In 1959, Vernors Inc. (now known as V.G.A. Co., but referred to herein by its former name) issued debentures to which were attached stock warrants, each of which represented the right to purchase 100 shares of Vernors' stock at $8 per share. The debentures were retired in 1964, but certain of the warrants, in bearer form, remained outstanding.

On June 3, 1966, the Board of Directors and the stockholders of Vernors...

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