Community Hotel Corporation had paid no dividend on its preferred stock for 24 years. The arrearage totaled $645,000, or about $149 per share. Community Hotel wanted to be able to obtain additional capital. To do this, it incorporated a subsidiary corporation, Newport Hotel Corporation. It then proposed merging with the subsidiary under a plan that would eliminate the arrearage. It proposed converting each preferred share into five shares of common stock in Newport. Under Rhode Island’s corporation statute, the merger could be accomplished if two-thirds of each class of stockholders voted in favor of it. To amend the articles, on the other hand, required a unanimous vote of each class. Bove and some other preferred shareholders sought to enjoin the merger. Can Community Hotel eliminate the arrearage on the preferred stock through a merger with a subsidiary approved by less than all shareholders?