“I’ve thought of that,” returned Elderberry.  “Of course you can’t just squeeze ’em out entirely.  That wouldn’t be legal.  They must be given the chance to subscribe at par to the stock of the new corporation on the basis of one share in the new for every ten they hold in the old; or, as Horse’s Neck is a Delaware corporation, to have their old stock appraised under the laws of Delaware.  In point of fact, they’ve all written off their holdings in Horse’s Neck as a total loss years ago and you couldn’t drag ’em into putting in any new money.  They’ll simply let it go—­forfeit their stock in Horse’s Neck and be wiped out because they were not willing to go in and reorganize the property with us.”

“They would if they knew about Amphalula,” remarked Beck.

“Well, they don’t!” snapped Greenbaum, “and we’re under no obligations to tell ’em.  They can infer what they like from the fact that Horse’s Neck has been selling for ten cents a share for the last three years.”

“Is that right, Chippingham?” inquired Beck of the attorney who was in attendance.  “I mean—­is it legal?”

“Perfectly legal,” replied Mr. Chippingham conclusively.  “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.

“And so, as they are wiped out—­the new corporation—­that is us—­in fact gets their equity, just as much as if they had deeded it to us.”

“That is, we get for nothing about one-half the value of the property,” agreed Elderberry.  “Now, I’ve been over the list and I don’t think you’ll hear a peep from any of them.”

  “He’s got ’em on the list—­he’s got ’em on the list;
  And they’ll none of ’em be missed—­they’ll none of ’em be missed!”

hummed Mr. Beck.  “It looks good to me!  I’ll take a hundred thousand.”

“Mr. Chippingham has the papers drawn already,” continued Elderberry.  “Of course you’ve got to give the old stockholders notice, but we can rush the thing through and before anybody wakes up the thing will be done.  Then they can holler all they want.”

“Well, I’ll come in,” announced Hunn complacently.

“So will I,” echoed Scherer.  “And the firm can underwrite the last hundred thousand, and that will clean it up.”

“Is it all right for us to underwrite the stock ourselves at half price?” inquired Mr. Beck.  “I mean—­is it legal?”

“Sure!” reiterated Mr. Chippingham.  “Somebody’s got to underwrite it; why not us?”

“Move we adjourn,” said Mr. Greenbaum.  “Elderberry—­the usual.”

Mr. Elderberry removed from his change pocket five glittering gold pieces and slid one across the glass sheet to each director.