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Business Organizations Keyed to Cox
Zahn v. Transamerica Corporation
Citation:162 F.2d 36 (1947)
Prior to April 30, 1943, Axton-Fisher had authorized outstanding three classes of stock, designated as preferred stock, Class A stock and Class B stock. On May 16, 1941, Transamerica purchased 80,160 shares of Axton-Fisher’s Class B stock. The amount of Class B stock owned by Transamerica had increased to 90,768 shares or about 80% of the total outstanding. Transamerica had control of and affairs of Axton-Fisher. In 1942, Axton-Fisher possessed as its principal asset leaf tobacco which had cost it about $6,361,981. The value of leaf tobacco had risen sharply and to quote the words of the complaint, unbeknown to the public holders of Class A common stock of Axton-Fisher, but known to Transamerica.
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