In periods of business depression, problems concerning the dissolution and liquidation of corporations, with the question of preference between the holders of the preferred and common stock, often become very acute. A recent case, presenting the question of preference from the aspect of unpaid dividends on preferred stock, is Penington v. Commonwealth Hotel Construction Corporation.
CORPORATIONS - DISSOLUTION - DISTRIBUTION OF ASSETS BETWEEN PREFERRED AND COMMON STOCKHOLDERS,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol30/iss2/9