Milford chronicle., 1922-06-23
THE FISHERIES CASE
DECISION WILL STAND
THE STATE SUPREME COURT SUSTATNS
CHANCELLOR C. N. CURTIS In The
LEWES LITIGATION.
MUST HAND BACK MONEY
SUPREME COURT REVERSED CHANCEL-
LOR JOSIAH 0. WOLCOTT'S DECIS-
ION in ANOTHEE CASE.

The Supreme Court on Tuesday af-
t1rmed the opinion of then Chancellor
Charles M. Curtis in the appeal case
OF William G. LOfaEd, ct al, vs.. JOS
eph l.. Cahall, receiver of Lewes Fish
cries Company, also an appeal case
f1om the then Chancellor Curtis. Prior
to the announcement of the decree by
the court, Henry Ridgely, attorney for
Cahall, asked that Frank S. Carter, ad-
ministratOr of the estate of William C.
LOhand, deceased, be made a party to
the suit, which was ordered by the
court.
Chief Justice Pennewill announced
the decision of the court without read
ing the opinion affirming the decision
of the Chancellor.
After dwelling at length on the case
as to the acquisition of the fishing
plants, steamers, etc, the owning of
stock by the directors and the issuing
of shares to themselves, the Court
said:
"We have not thought it necessary,
under our view of the case, to discuss
or even refer to many of the author
tiles cited by counsel. Such discussion
would unduly and unnecessarily ex-
tend this opinion.
"The leading cases cited in the
briefs were considered by the Chan
cellor and reference thereto may be
found in his opinion delivered in the
court below.
While the court has been compell- |
ed to decide against the appellants |
because of certain unlawful acts, it |
is proper and just to say that they |
performed many acts, as directors,
that were of much benefit to the stock
holders. The remarkable success of
the company was due very largely to
their efforts, and it is unfortunate
that some of their acts were illegal.
1T was strongly urged at the argu-
ment that an affirmance of the chan
cellOr's decree would work a great
and undeserved hardship on the ap-
peallants, but we think hardship is
more apparent than real. They were
clearly not entitled to salaries or
compensation for extra services
claimed to have been rendered, for
all payments made to them on such
account were gifts surely. They paid
for the stock, the dividends
on which they must return to the
company, except the sum of $1O,129,
which they will receive credit for.
They have advanced no money that s
will not be returned, and will sustain |
40 loss except in profits, represented
1y dividends which they are not en- o
tiled to receive. We find no error in
he decree of the court below"
The State Supreme. Court convened S
tuesday morning with all the judges 7
'resent. The calendar of cases was ii
e >,
cheduled for argument, but two were D
marked for trial, the first being cases oi
f the Philadelphia and Reading Rail- VI
1ay Co. VS.. Green and Finn, Inc, and
ohm G. Luke, ct. al, argument being
'uesday. John w. Huxley, Jr., is coun-
ell for the Railway Company and D.
}. Hastings and A. J. Stockley for =,
reen and Finn, who won a verdict in "
le Superior Court from which an ap- n
cal was taken. ~
One case in which a decree was
anded down was that of Harry Or ~.
1stein VS.. Max Kahn, being an ap- fn sl'
cal from the Chancellor in a real ~
state deal in Wilmington, in which -,
e Chancellor held the contract be- III
7een the parties to be divisible and -,
ltered a decree directing Orenstein W y"
PCAAO44u Lib COuLIdCL DIS u LuG DuT-
lase of the real estate. The decree of
e Chancellor also provided for trans tu
r of the title to the fixtures used in we we
injection with store to Orenstein tn'
his option, on payment therefore. me
Orenstein's appeal from the decree
the Chancellor was based on two erl
ounds: That the Court of Chancery i tne
ce of q norton of tbe co,+loo+ a1,d we
at the contract between Kahn and
enstein, so far as the same related tne
the stock of merchandise, was di- ire
ible fro mthe contract so far as L
same related to the real estate rin
fixtures, and in decreeing specific 7C
'formance of the same which relat- dnc
to the real estate" ne
The Supreme Court reversed Chan 1
lor Wolcott's decision in the case. pre-
n MN Am VI