David Josiah Brewer

“ It is insisted that by thest terms no sale could be had until there had been a final ascertainment-a judicial determination-of all debts owing at the time of the sale, as well as of all assets, including therein claims due to the corporation; that by the modification directed by this court there was also to be had an accounting with the directors, and until that was finished no sale could be had, because it was not as yet judicially ascertained whether they owed the corporation or the corporation owed them ”

“ Its property then belonged to the different stockholders as tenants in common. They could not agree among themselves. The minority appealed to the courts, and there the litigation was carried on for years; the minority insisting upon a sale, the majority upon the transfer of the property to a new corporation. At the end of six years the controversy was finally determined by this court; and in January, 1890, a decree of the circuit court directing a sale was affirmed. ”

“ In conclusion we may add that, after reviewing all the facts disclosed by these records in the light of the prior history of the litigation, it seems to us that the equities of the case are decidedly with the appellees, and the decrees will be affirmed. ”

“ They urge that, though all debts due at the time of the commencement of the suit, and when the life of the corporation was ended, were paid, the defendant caused to be presented a series of claims for services of counsel and officers of the Pewabic Mining Company, and for money claimed to have been loaned to it, and then, on behalf of that company, filed exceptions to the legality and sufficiency of these claims, and, having thus a form of controversy arranged before the master, neglected and delayed in the matter of hearing the same ”

“ Arnold, 5 Mason, 414, 420. In that case Judge STORY said: 'In sales directed by the court of chancery the whole business is transacted by a public officer, under the guidance and superintendence of the court itself. ”