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SANDERS v. CUBA RAILROAD CO.

21 N.J. 78 (1956)

120 A.2d 849

JOSEPH P. SANDERS, EMIL SCHUMACHER, ERIKA R. DANA, IRENE SIEGEL AND KATHERINE F. SHADEK, ON BEHALF OF THEMSELVES AND ALL OTHER HOLDERS OF 6% NON-CUMULATIVE PREFERRED STOCK OF DEFENDANT, THE CUBA RAILROAD COMPANY, SIMILARLY SITUATED, PLAINTIFFS-APPELLANTS, v. THE CUBA RAILROAD COMPANY, DEFENDANT-RESPONDENT.

The Supreme Court of New Jersey.

Decided February 20, 1956.

Attorney(s) appearing for the Case

Mr. John W. Griggs argued the cause for the appellants (Messrs. Morrison, Lloyd & Griggs, attorneys; Mr. Charles E. Scribner and Mr. Bernard A. Feuerstein of the New York Bar, of counsel).

Mr. Donald B. Kipp argued the cause for the respondent (Messrs. Pitney, Hardin & Ward, attorneys; Mr. Roger C. Ward, of counsel).

Messrs. Bilder, Bilder & Kaufman filed a brief amicus curiae (Mr. Samuel Kaufman and Mr. John M. Kaufman, of counsel).

The opinion of the court was delivered by JACOBS, J.

In the Chancery Division the parties made cross-motions for summary judgment; the defendant's motion was granted and the plaintiffs' motion was denied. The plaintiffs appealed to the Appellate Division and we certified under R.R. 1:10-1(a).

The plaintiffs (excluding Joseph P. Sanders who has disposed of his stockholdings) are the holders of 750 shares of the 6% non-cumulative preferred stock...

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