Doris subscribed for two hundred shares of 12 percent cumulative, participating, redeemable, convertible, preferred shares of the Ritz Hotel Company with a par value of $100 per share.
The subscription agreement provided that she was to receive a bonus of one share of common stock of $100 par value for each share of preferred stock. Doris fully paid her subscription agreement of $20,000 and received the two hundred shares of preferred stock and the bonus stock of two hundred shares of the par value common.
The Ritz Hotel company later becomes insolvent. Ronald, the receiver of the corporation, brings suit for $20,000, the par value of the common stock. What judgment?