This section contains the nature of the case and procedural background.

The Community Hotel Corporation of Newport, RI (D) was incorporated in 1924. Bove, (P) owns 900 shares of preferred stock. Newport Hotel Corporation was organized by D for the purpose of effectuating a merger between D and Newport. In the merger, Newport would acquire sole ownership of all property now owned by D in exchange for 5 shares of Newport stock for every share of D's preferred stock. Prior to a special meeting to vote on the merger, P filed suit alleging an effort to eliminate preferred stock priorities with less than unanimous consent of the stockholders.

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Legal analysis from Dean's Law Dictionary will be displayed here.