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Stokes v. Continental Trust Co. of City of New York
Facts
Continental (D) had 500,000 shares of which Stokes (P) currently owned 221 of those shares. The market value of the shares was $550, but the par value was $100. A third party offered to buy 500,000 newly issued shares of Continental (D) if those shares were issued at $450. At Continental’s (D) shareholders’ meeting the issue was voted on. Stokes (P) demanded that enough shares be sold to him so that he could keep the same percentage of stock ownership. He also demanded they be sold to him at par value; both demands were turned down.
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