(DOWNLOAD) "Central Standard Ins. Co. v. Davis" by Supreme Court of Illinois " eBook PDF Kindle ePub Free
eBook details
- Title: Central Standard Ins. Co. v. Davis
- Author : Supreme Court of Illinois
- Release Date : January 20, 1957
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
Central Standard Life Insurance Company owns 4098 shares of the preferred stock of Abraham Lincoln Hotel Company. On its own
behalf, and on behalf of approximately four hundred other preferred shareholders, it brought this class action in the circuit
court of Sangamon County, praying for the dissolution of the Hotel Company and a sale and distribution of its assets. After
a trial before a master, the circuit court dismissed the complaint for want of equity. Plaintiff's direct appeal was transferred
to the Appellate Court, because this court lacked jurisdiction. (7 Ill.2d 266.) The Appellate Court affirmed the decree of
the trial court, (10 Ill. App.2d 245,) and we granted leave to appeal. Something of the history of the corporate venture is essential to an understanding of the contentions of the parties. The
Hotel Company was organized on May 1, 1924. Its original capitalization consisted of 8000 shares of no par value common stock,
issued at $5 per share, and 7250 shares of 7 1/2 per cent cumulative preferred stock having a par value of $100 per share,
issued at par. The corporation acquired a hotel site in Springfield and constructed a hotel. To do so it borrowed $700,000
at six per cent, secured by a mortgage. In 1935 the maturity of the mortgage was extended in proceedings under section 77B
of the Bankruptcy Act. In 1944 the principal balance of the mortgage, $350,000, was refinanced with a fifteen-year refunding
mortgage bearing interest at four and one-half per cent.
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