New Jersey Equity Reports Volume 74

New Jersey Equity Reports Volume 74

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1910 edition. Excerpt: ...syndicate, other than themselves, of the profit acquired by Bigelow and Lewisohn, and that the company had no knowledge of any of the promoters' profits until the year 1902, shortly before the actions were brought. Mr. Justice Sheldon's findings are substantially in accord with these contentions. He finds that Bigelow and Lewisohn were promoters of the new company and in full control of it during all the transactions in question, and dictated whatever was done by the company or in its behalf; that this control continued until April, 1902; that the company had no directors, representatives or advisers other than the two promoters and their agents, and that they did not disclose to the company any of the pertinent facts; that they did not disclose to it that they had paid only $1,000,000 for the stock representing all the mining property of the Baltimore company, or that they procured the "outside properties" without any other consideration. Nor did they see that the new company had any independent advice before accepting the offers-made to it, which were really made bythemselves. On the contrary, they organized and promoted the new company for the purpose of having it accept, and they exercised their control over it to cause it to accept said offers, and really through their own action' and that of their employes themselves accepted said offers in the name of the company. Justice Sheldon also finds that Bigelow did not act towards the members of his syndicate with good faith; that when the scheme was formed it was the plan and avowed intention of the two promoters to form a new corporation with a capital stock of $2,500,000, which should take the property of the Baltimore company and the " more

Product details

  • Paperback | 350 pages
  • 189 x 246 x 19mm | 626g
  • United States
  • English
  • black & white illustrations
  • 1236801121
  • 9781236801128