The plaintiff was the president and a director of the defendant, a publicly held corporation. The corporation had issued 10-year subordinated debentures. The debenture agreement provided for setting aside $50,000 each year as a sinking fund against maturity, or alternately to acquire and retire each year $50,000 in face amount of such debentures. The corporation followed the latter procedure since it could acquire debentures on the market at a substantial discount. Because...
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