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Recapitalization of United States Radium Corporation?
The question herein presented for opinion is:-
"Can the Corporation,with legal safety to itself and to its
Directors, recapitalize its financial structure by distributing a
portion of its surplus funds to Preferred Stockholders?
The question presented presupposes the business desirability
of such a program. It is also based on the assumption that a sub-
stantial majority of the stockholders, both Proferred and Common, will
favor such a plan.
The Corporation was organized in 1917 under the laws of the
State of Delaware. The present eapital structure is as follows:
$7.00 Cumulative First Preferred Stock: Authorized - 4,000
shares of $50.00 each.
Issued - 5,850 shares. Reserved for exchange of $7.00 Cumulative
Preference Stock - 150 shares.
$7.00 Cumulative Preforence Stock: Authorized - 5,000 shares
of $50.00 each. Outstanding - 150 shares.
Common - Class A Stock: Authorised - 16,000 shares of no par
value.
Issued - 14,850 shares, including 1,029 shares of Radium Lumi-
nous Material Corporation Stock not exchanged.
There are certain provisions which specify that in case divi-
dends are not paid on the Preferred Stock, exclusive voting privileges
reside in the Proferred Shareholders.
No dividends have been paid on the $7.00 Cumulative First
Preferred Stock since January lst, 1931, and none have been paid on the
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Context sent to Scholar
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"ocrText": "Recapitalization of United States Radium Corporation?\nThe question herein presented for opinion is:-\n\"Can the Corporation,with legal safety to itself and to its\nDirectors, recapitalize its financial structure by distributing a\nportion of its surplus funds to Preferred Stockholders?\nThe question presented presupposes the business desirability\nof such a program. It is also based on the assumption that a sub-\nstantial majority of the stockholders, both Proferred and Common, will\nfavor such a plan.\nThe Corporation was organized in 1917 under the laws of the\nState of Delaware. The present eapital structure is as follows:\n$7.00 Cumulative First Preferred Stock: Authorized - 4,000\nshares of $50.00 each.\nIssued - 5,850 shares. Reserved for exchange of $7.00 Cumulative\nPreference Stock - 150 shares.\n$7.00 Cumulative Preforence Stock: Authorized - 5,000 shares\nof $50.00 each. Outstanding - 150 shares.\nCommon - Class A Stock: Authorised - 16,000 shares of no par\nvalue.\nIssued - 14,850 shares, including 1,029 shares of Radium Lumi-\nnous Material Corporation Stock not exchanged.\nThere are certain provisions which specify that in case divi-\ndends are not paid on the Preferred Stock, exclusive voting privileges\nreside in the Proferred Shareholders.\nNo dividends have been paid on the $7.00 Cumulative First\nPreferred Stock since January lst, 1931, and none have been paid on the"
}