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That this, in a word, was the only way to save the situation and possibly make a go of a bad business, and that it was a gamble in which the old stockholders had a right, up to a certain date, to participate if they saw fit. Those that did not would find their stock in Horse's Neck entirely valueless as it would have no assets left which had not been transferred to Lallapaloosa.
Elderberry brightly, in his capacity as chief conspirator for Scherer, Hunn, et al., "that we organize a new corporation to be called 'Lallapaloosa Limited' and capitalize it at a million dollars one million shares at a dollar a share.
In effect, they confiscate the equity of all the minority stockholders in Horse's Neck who cannot afford to subscribe for stock in Lallapaloosa." He turned upon the uncomfortable tall hats with an arraigning eye. "In the criminal courts, Your Honor, such a conspiracy would be properly described as grand larceny; in Wall Street perchance it may be viewed as high finance.
"Oh, I don't know," he muttered. "The jury seems to have sized him up rather better than we did." "Jury!" growled Mr. Tutt, rolling his eyes heavenward. "'Sweet land of liberty!" Lallapaloosa Limited "Ethics: The doctrine of man's duty in respect to himself and the rights of others."
"A corporation has a perfect right to dispose of its entire assets for a proper consideration and if any minority stockholder feels aggrieved he can take the matter to the Delaware courts and get his equity assessed. Besides, everybody is treated alike all the stockholders in Horse's Neck can subscribe pro rata for Lallapaloosa." "Only they won't," grinned Scherer.
"It's got the greatest title you ever heard. It's a lallapaloosa! It's called 'It's a Long Way Back to Mother's Knee. How's that? Poor, eh?" Archie expelled a smoke-ring doubtfully. "Isn't it a little stale?" "Stale? What do you mean, stale? There's always room for another song boosting Mother." "Oh, is it boosting Mother?" Archie's face cleared. "I thought it was a hit at the short skirts.
"You wouldn't speak in that harsh tone of voice if you knew all! William, I have a scheme!" "Well?" "The scheme to which I allude is what Maeterlinck would call a lallapaloosa!" "What a little marvel he is!" said Lucille, regarding her husband affectionately. "He eats a lot of fish, Bill. That's what makes him so clever!" "Shrimps!" diagnosed Bill, churlishly.
"Now these gentlemen have underwritten the stock in the new Lallapaloosa Company at fifty cents upon the dollar, and if this nefarious deal is permitted to go through they will thus acquire a property worth ten millions for five hundred thousand dollars, of which they will use only one hundred and twenty-five thousand in payment of old indebtedness.
Then we will execute a contract between Horse's Neck and Lallapaloosa by the terms of which the old bankrupt corporation will sell to the new corporation all its assets for one hundred and twenty-five thousand dollars. We underwrite the stock of Lallapaloosa at fifty cents a share, thus supplying the new corporation with the funds with which to purchase the properties of the old.
"It IS a boofy frock, isn't it, Nansome?" Patty craned her head over her shoulder, as she waited for her stepmother's response, which was only, "Yes." "Oh, my gracious, Nan! Enthuse! Don't you know half the fun in life is enthusiasm?" "What shall I say?" asked Nan, laughing. "Oh, say it's a peach! a hummer! a lallapaloosa!" "Patty, Patty! what language!"
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