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NEW YORK STOCK EXCHANGE v. PICKARD & COMPANY, INCORPORATED

296 A.2d 143 (1972)

NEW YORK STOCK EXCHANGE, an unincorporated association under the laws of the State of New York, Plaintiff, v. PICKARD & COMPANY, INCORPORATED, a corporation of the State of Delaware, Defendant.

Court of Chancery of Delaware, New Castle.

August 31, 1972.

Attorney(s) appearing for the Case

William H. Uffelman, Jr., of Theisen & Lank, Wilmington, for receiver, Aubrey B. Lank.

Michael D. Goldman, of Potter, Anderson & Corroon, Wilmington, for New York Stock Exchange.

Courtney H. Cummings, Jr., of Killoran & Van Brunt, Wilmington, and John M. Burns, III, of Spear & Hill, New York City, for Jean B. Fischer, C. Fink Fischer, Adelaide V. Ours and Statton R. Ours.

Gerrit L. Lansing, Col. Thomas H. Magness, Jr., Joseph V. Shields, Jr., John A. Schwarz, Jr., and George F. Wittich, pro se.

DUFFY, Chancellor:

The issue for decision involves claims to priority among subordinated lenders to a corporation now in an insolvency receivership.

A.

Pickard and Co., Inc., a Delaware corporation, (Pickard) was a registered stockbroker and investment adviser and a member of the New York Stock Exchange (NYSE). On September 29, 1967 Haskins & Sells, independent public accountants, began an audit of Pickard for the purpose of a routine report...

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