FEDERAL COURTS-APPEALS-FINALITY OF DECREE DISMISSING INTERVENOR'S CLAIM AFTER TRIAL

Authors

J. D, McLeod S. Ed., University of Michigan Law SchoolFollow

Abstract

Dickinson, a promoter of Petroleum, sued Lloyd, his fellow promoter, to impress an equitable lien on certain stock in Lloyd's possession. Petroleum and some of its shareholders known as the ''Rinke subscribers" intervened, seeking to have the stock issue canceled because of fraud, and to recover damages for secret profits gained through breach of fiduciary duty to the corporation. In 1947, after trial, a decree was entered. Claims of both Dickinson and Lloyd were dismissed. Judgment against them was entered in favor of the class of subscribers, the decree providing that the several claims of the individual subscribers be liquidated for the purpose of fixing the share of each in the recovery. The corporation was given judgment for certain shares of stock in the hands of Lloyd's administrators. The remainder of the corporation's claims were dismissed, but the court retained jurisdiction for the purpose of supervising certain stock distributions by the corporation. In 1948, in a "final decree," so labelled, apportionment of the recovery among the "Rinke subscribers" was made. The corporation now seeks to appeal from the 1948 decree. Held, appeal dismissed. The 1947 decree was final as to the corporation, and appeal should properly have been taken from that decree. Dickinson v. Petroleum Conversion Corp., 338 U.S. 507, 70 S. Ct. 322 (1950).

Recommended Citation

J. D. McLeod S. Ed., FEDERAL COURTS-APPEALS-FINALITY OF DECREE DISMISSING INTERVENOR'S CLAIM AFTER TRIAL, 49 Mich. L. Rev. 442 (1951).
Available at: https://repository.law.umich.edu/mlr/vol49/iss3/10