Court : House of Lords
..... some importance that the scheme cuts out the preference stockholders from any chance of getting favourable adjustment of their interests in the company's assets under section 25 of the coal industry nationalisation act, 1946. as will appear hereafter, however, i attach very little weight to this point. my first reason is of great importance. if the preference stockholders are not entitled ..... facts? this company's capital structure consists of preference and ordinary stock in the ratio of roughly 1 to 13. its business was coal mining, and on 1st january 1947 its collieries and working assets passed to the national coal board in exchange for a share, as yet undetermined, in the global sum of compensation. liquidation is inevitable. the company's substratum is .....
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