Ginty

This action was brought to enforce a trust, and in enforcing it to have declared void the reorganization of the Ocean Shore Railway Company into the Ocean Shore Railroad Company, defendant. Added as defendants to the corporation are the members of the reorganization committee, the trustees who effectuated that reorganization. John Ginty, plaintiff, is or was a bondholder of the Ocean Shore Railway Company. After the commencement of this action he was joined by other bondholders in seeking the relief indicated. The court in equity found against all of the *Page 33 contentions of the plaintiffs and gave its decree for Defendants. From that decree this appeal has been taken, and all of the evidence is presented for consideration. This brief indication of the nature and result of the action it is necessary to follow with a detailed statement of fact. The Ocean Shore Railway Company was organized as a railroad corporation under the laws of the state of California. It purposed to construct, build, and operate a railroad extending along the Ocean Shore from San Francisco to Santa Cruz. It was capitalized for five million dollars, and all of its capital stock was subscribed, the stock…

Rehearing denied.