Opinion ID: 302778
Heading Depth: 2
Heading Rank: 4

Heading: Trial conducted upon regular proceedings.

Text: 303 RST's petition for confirmation of its reduction of capital was held on August 14, 1970, before the Honorable S. W. Magnus. There is no indication of any irregularity in the proceedings. 65 Mr. Justice Magnus had available, in addition to the proxy materials, the records of the shareholders' votes, Mr. Kohn's letter containing the various objections, the briefs, motions, pleadings, transcripts, exhibits, and the opinions filed in the action brought in the district court. These documents clearly alerted the High Court to the various contentions of unfairness and allegations of illegality and breaches of fiduciary duty. On that record and the testimony of partners in Cravath, Swaine & Moore and in Kuhn, Loeb, the High Court confirmed the reorganization, expressly holding that it was fair and reasonable to all the shareholders of the Company. 304