Page:Federal Reporter, 1st Series, Volume 10.djvu/880

 868 FBDBBAIi BEPOBTEB. �corporations or individuals, except -where the exercise of such extra- ordinary jurisdiction is indispensably necessary to save or protect some clear right of a suitor, whioh would otherwise be lost or greatly endangered, and which cannot be saved or protected by any other action or mode of proceeding. If, as in this case, the loss or danger can be averted by the lawful action of the suitor, or those be repre- sents, he cannot successfully invoke the exercise of the extraordinary powers of a court of equity, because that course would be more agree- able or convenient. Should the plaintiff, or those he representa, pay off the decree, or purohase under it, the rights and equities thus acquired will be clear, and within the protection of a court of equity. �i. The danger that all holders of stock or securities junior to the terms of the decree will be eut off by a "stranger, or third party," purchasing at the sale, is too slight to be seriously considered. The disproportion between the value of the property and the amount of the decree precludes the idea of any one being permitted to purchase the property discharged from a trust in favor of the stock and bond- holders. It is the duty of the directory to protect the interests of the stockholders of the company, and they are not likely to incur the liability that a neglect of that duty would impose. But should they do so, it is, as we have seen, within the power of the plaintiff, and other parties in interest, to protect themselves against loss by reason of the fraud or neglect of the directory. And, if tho decree is not satisfied, and the property goes to sale, it is as certain as any future event can be, that it will be purchased by or for the company, or by or for some one or more of the stock or bondholders, whose relations to the company and the other stockholders will be such that they will take the property oharged with a lien in favor of the latter. �Motion for receiver denied. ��� �