KATZIN v. NABCO LIQUIDATING COMPANY, 323 Ill. App. 286 (1944)

55 N.E.2d 409

Gen. No. 42,489. (Abstract of Decision.)Appellate Court of Illinois, Chicago, First District.
Opinion filed May 23, 1944. Rehearing denied June 6, 1944.

CORPORATIONS, § 626[*] — dismissal for want of equity of minority stockholders’ complaint for relief from sale of all of corporation’s assets. In action by certain minority stockholders, brought allegedly in behalf of themselves and all other minority stockholders, for relief against directors and majority stockholders from sale, at allegedly inadequate price, of all of assets of corporation and its subsidiaries, whose business

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was principally purchase from automobile dealers of secured notes and other obligations arising in connection with sale of new and used automobiles, and financing of wholesale purchases of automobiles by dealers, held that, under circumstances, trial court did not err in sustaining defendants’ motions for order dismissing amended complaint for want of equity.

Appeal from the Circuit Court of Cook county; the Hon. CORNELIUS J. HARRINGTON, Judge, presiding.

Decretal order affirmed. Heard in the second division, first district, this court at the December term, 1942; opinion filed May 23, 1944.

Archie Schimberg and Maurice L. Davis, for appellants; Maurice L. Davis, of counsel.

Hopkins, Sutter, Halls DeWolfe, for certain appellees.

Bell, Boyd Marshall, for certain other appellees.

Gardner, Carton Douglas and Erwin W. Roemer, for certain other appellee.

Opinion by JUSTICE SCANLAN.

Not to be published in full. Opinion filed May 23, 1944; rehearing denied June 6, 1944.